Cameco, Orano Canada to Acquire 5% Stake in Cigar Lake JV From TEPCO Resources

MT Newswires Live06-01

Cameco (CCJ) and Orano Canada agreed to acquire a 5% stake in the Cigar Lake joint venture from TEPCO Resources, Cameco said Monday.

The transaction will boost Cameco's ownership stake in the Cigar Lake uranium mine in northern Saskatchewan by 2.871 percentage points to 57.418% and Orano Canada's interest by 2.129 percentage points to 42.582%, Cameco said.

Cameco said it will pay 115.8 million Canadian dollars ($83.7 million) for its share of TEPCO's stake in Cigar Lake, subject to certain adjustments.

The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in Q3, the company said.

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