AREVA Concludes Sale of Its Stake in Canadian Millennium Project to Cameco
OPERATIONS / MINING
June 11, 2012
AREVA has closed the sale of its 27.94% interest in the Millennium mining project to Cameco Corporation for CAD$150 million (about €115 million). This transaction is part of AREVA’s “Action 2016” strategic plan. It contributes to a reduction in the group's net debt and helps to finance the group's strategic and safety investment program.
Under the terms of the agreement, in addition to the CAD$150 million the group has received, AREVA will benefit from royalties in case new uranium resources are discovered for the mine.
Cameco’s interest in the Millennium project rises to 69.9%. The other project partner, JCU (Canada) Exploration Co. Ltd., decided not to increase its stake and maintains its 30.1% ownership.
Located in the north of the Canadian province of Saskatchewan, the Millennium Project involves a proposed underground mine estimated to contain to date in excess of 50 million pounds of uranium (around 20,000 tonnes).
AREVA has a strong presence in Canada, where the group is one of the largest uranium producers. AREVA is conducting a major exploration program and holds majority interests in several major deposits under development such as McClean Lake, Midwest and Shea Creek in Saskatchewan and Kiggavik in Nunavut. AREVA also owns 30.2% in the McArthur River mine and 37.1% in the Cigar Lake project, the world’s two largest high-grade uranium deposits.