Cameco is boosting its offer for a junior mining company.
Hathor Exploration operates in the Athabasca basin and discovered the lucrative Roughrider deposit a few years ago.
Earlier this fall Cameco announced it was trying to acquire the company through a hostile takeover bid.
However the plot thickened recently when Rio Tinto, one of the largest companies in the world, made its own bid for Hathor.
One that was higher than Cameco’s.
A spokesman for the Uranium Company says shareholders have until the end of this month to decide whether or not to accept the 625 million dollar offer.
Gord Struthers notes Cameco’s recent bid is significantly higher than Rio’s.
“And our offer is a premium of 8.4 percent over the other offer that’s on the table now, and we believe it’s compelling for Hathor shareholders.”
The aforementioned Roughrider deposit is considered to be one of the world’s richest sources of Uranium.
The high-grade ore body is located about twenty-five kilometres northwest of Cameco’s Rabbit Lake Mill.