Cameco acquires BHP Australian uranium deposit for $430-million |
| Globe and Mail - Aug 27, 2012 |
Cameco Corp. is growing its uranium holdings even as other players back away from an industry stuck in a low-price trough for over a year.
Saskatoon-based Cameco, already the world’s largest publicly traded uranium producer, announced plans to buy the Yeelirrie uranium project in Western Australia for $430-million (U.S.), adding one of the country’s top undeveloped uranium deposits to its portfolio.
It was the second acquisition by Cameco since May, when it reached a deal to buy nuclear fuel broker Nukem Energy for about $300-million, including debt.
“We believe Cameco could be using the current period of disillusionment with uranium and the nuclear industry to build an inventory of larger projects that could find their way into the company’s development pipeline over the next decade,” Greg Barnes, an analyst with TD Securities Inc. in Toronto, said in a research report on Monday.
Global uranium demand is expected to grow over the next decade with ballooning needs around the world for clean energy to generate electricity, particularly in China and other fast-growing economies.
Read Full Article from Globe and Mail
- Posted: 2012-08-27 21:21:27
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