Areva Sells 27.94% In Canada Project To Cameco For EUR112 Million
March 02 2012 - 3:59AM
Dow Jones News
French state-controlled nuclear energy company Areva SA
(AREVA.FR) Friday said it has signed an agreement to sell its
27.94% stake in the Millenium uranium mining project in Canada to
Cameco Corp. (CCO.T) for C$150 million, or a little more than
EUR112 million.
The sale includes the payment of royalties in case new uranium
resources are discovered for the mine, Areva said.
The third partner in the project, JCU Exploration Co. Ltd.,
which holds 30.1%, has a right of first refusal to acquire up to
11.67% of the Areva stake under equal conditions.
The sale of the stake in Millenium project, which is located in
Canada's Saskatchewan province, is part of Areva's plan to sell as
much as EUR1.2 billion worth of assets.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740;
inti.landauro@dowjones.com
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