Cameco consolidates Millennium uranium project

Canadian uranium giant Cameco Corp. is acquiring control of the Millennium project in Saskatchewan by buying out combined venture partner Areva SA for $150-million.The all-cash deal for Areva’s 27.94% stake in Millennium boosts Cameco’s in general interest to 69.9%. The third partner on the project is JCU (Canada) Exploration Ltd., which has to refuse its right of refusal for the deal to proceed.

“This agreement gives Cameco majority ownership of Millennium and additional strengthens our base of uranium assets in the Athabasca Basin consistent with our growth strategy,” Cameco chief executive Tim Gitzel said in a statement.Millennium is a talented exploration project at which the companies have recognized 50.9 million pounds of indicated uranium resources, and another 16.7 million pounds of inferred resources.

The sale comes less than three months behind Areva, the French nuclear giant, and announced plans to sell more than €1.2-billion of assets. There were rumours that at least a few of its Canadian assets could be on the block. The company is in the midst of a big renovation as it adapts to the post-Fukushima nuclear sector, and just took a €1.46-billion write down on its 2007 acquisition of Canadian miner UraMin Inc.

India eyes Australia uranium assets: report

Energy hungry India will consider acquire Australian uranium mining assets if a contentious ban on exports to the nuclear power is lifted, according to a report.Australia has the world's major reserves of uranium and senior New Delhi officials said the country could move to buy up assets if a ban on sales is detached as favoured by Prime Minister Julia Gillard.

"Once Australia comes into the fold all property will be reviewed," said A.K. Sarangi, deputy general manager of tactical planning at the Uranium Corporation of India, the government agency dependable for mining and purchases."Australian deposits will be a aim along with assets in other countries," he added to The Australian newspaper.

"If we decide we need to reach properties abroad and the Australian government agrees then Australian assets are also considerations."Federation of Indian Mineral Industries chief R.K. Sharma agreed.“I think it would be extremely desirable to invest in Australian uranium assets since Australia is a very investor-friendly country," he was quoted as saying by the newspaper.

India eyes to Australian uranium

Even as Australia maintain a blanket ban in selling uranium to nations, which have refuse to sign the nuclear non proliferation treaty, New Delhi is making all efforts to push the envelope and secure supply of this nuclear fuel for India’s civil nuclear programme.Australia is home to 40 per cent of the world’s uranium assets but its present Labor government under Kevin Rudd has already made it clear that it will not supply uranium to those countries which have not signed the NPT.

Power Minister Sushil Kumar Shinde, who is on a five day visit to Australia, said he “initiated some discussions” on sourcing uranium supply during his meeting with Australian Foreign Minister Stephen Smith.Hoping that Australian government would accommodate India’s need for uranium, Shinde said, “The whole world is supporting us in our civil nuclear programme. It is for them to decide.”

Seeking anonymity, another senior government official associated Shinde said, “The elections are round the corner in Australia and the present government at this stage may not like to make any guarantee on changing its domestic rule to supply uranium to India. However, this position may alter post elections. We will have to stay.”