Cameco has officially grabbed a majority interest in the Millennium project.
The company has announced its interest in the proposed uranium mine has increased to 69.9%, after it successfully bought out AREVA’s 27.94% stake in the project for $150 million.
The Millennium project is situated in northern Saskatchewan’s Athabasca Basin, consisting of 590 hectares of land.
Exploration on the area to date has identified indicated resources of 50.9 million lbs. of yellowcake and inferred resources of another 16.7 million lbs.
The mine is still years away from being built — but company spokesman Rob Gereghty says plans are developing smoothly:
“As of today, we continue to work on our environmental assessment. Engineering for the project has begun, and we’re doing additional exploration work.”
Today’s announcement comes in the wake of proposed changes to the way in which environmental assessments are carried out.
The federal government says it wants to streamline the process.
Gereghty says it’s too soon to say how the project would be affected by that — but he does note they are still regulated by the Canadian Nuclear Safety Commission.