Areva sells stakes in uranium mining project

Areva Resources Canada Inc. said it has signed an agreement to sell its interest in the Millennium Canadian Mining Project to Cameco Corp., already a 41.96 percent shareholder in the project. Under the terms of the agreement, Areva is selling its 27.94 percent ownership in the Millennium project for C$150 million ($151.7 million) and the payment of royalties in case new uranium resources are discovered for the mine.

The third partner of the project, JCU (Canada) Exploration Co. Ltd, has a right of first refusal to acquire under equal conditions up to 11.67 percent  of the Areva share.

The Millennium Project involves a proposed underground mine at a deposit in the eastern Athabasca basin, estimated to contain to date in excess of 50 million pounds of uranium. Cameco, as the operator, plans to submit an environmental impact statement (EIS) for the project in 2012.

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