COGEMA mining interests grow in Canada
May 06, 1999
COGEMA has announced an agreement with the Canadian mining company CAMECO, under which, subject to necessary regulatoring approvals, COGEMA will acquire from CAMECO various (uranium) mining interests in the province of Saskatchewan (Canada).
Subject to closing financial adjustments, the planned transaction, effective 1 January 1999, amounts to 243 million Canadian dollars (about 150 million euros). With this transaction, COGEMA will increase from 16 to 30% its stake in the high grade McArthur River deposit, acquire a 17% share in the Key Lake mining complex, which mill will process McArthur River ore from late 1999, and, subject to first refusal rights of the other partners of Midwest, will raise its interest in this property from 56 to 76%.
COGEMA will thus expand its resource portfolio by some 80 Mlb (30 000 tonnes of uranium) of high quality ore, in support of its objective of ranking among the world foremost uranium producers.