Cameco has purchased a majority stake in a proposed uranium mine project in northern Saskatchewan.
The company is buying AREVA’s roughly 28% ownership stake in the Millenium project for $150 million.
The deal also includes the payment of royalties if new uranium resources are discovered for the mine.
Cameco already owned a roughly 42% stake in the project.
The Millennium Project involves a proposed underground mine at a deposit in the eastern Athabasca basin.
It is estimated to contain over 50 million pounds of uranium.
Cameco plans to submit an environmental impact statement for the project later this year.