Cameco (TSX: CCO; NYSE: CCJ) and Orano Canada Inc. (Orano) have reached agreement with Idemitsu Canada Resources Ltd. (Idemitsu) to acquire Idemitsu’s 7.875% participating interest in the Cigar Lake Joint Venture. Upon closing, Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 4.522 percentage points to 54.547%, while Orano’s share will rise by 3.353 percentage points to 40.453%. TEPCO Resources Inc. retains the remaining 5% interest in the property.
“As the world’s largest high-grade uranium mine, Cigar Lake is quite simply one of the best and most prolific uranium producing assets on the planet,” said Cameco president and CEO Tim Gitzel. “Cameco is very pleased to increase our ownership stake in this outstanding tier-one operation. As the operator of Cigar Lake since 2002, it’s an asset we know incredibly well. It’s a proven, permitted and fully licenced mine in a safe and stable jurisdiction […]
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