12 Aug (NucNet): Canada’s Cameco Corporation said yesterday that it had completed the acquisition of a 70 percent interest in the Kintyre uranium exploration project in Western Australia.
Cameco and Japan’s Mitsubishi Corporation announced in July 2008 that they had signed an agreement to jointly acquire the Kintyre for 495 million US dollars (USD) (311 million euro) from Rio Tinto after a bidding process. Cameco will operate the project and is funding its USD 346.5 million share of the purchase price through existing credit facilities.
Cameco estimates that the project may host potential mineral deposits ranging from 62 to 80 million pounds U3O8 in total, with an average grade between 0.3 percent and 0.4 percent U3O8.
Development of the Kintyre deposits is subject to state government approval, Cameco said previously. The Australian Labor Party, which governs Western Australia, permits uranium exploration but continues to oppose new uranium mine development. “However, Australian governments and political parties generally are becoming more supportive of uranium development,” Cameco said.
>>Related reports in the NucNet database (available to subscribers)
Australia’s Aborigines In Uranium Mining Talks To Boost Economy (News No. 141, 29 June 2006)
Cameco And Mitsubishi Agree Deal For Australia’s Kintyre Uranium Project (News in Brief No. 77, 14 July 2008)
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