how much is toe worth based on cameco-bhp deal

Cameco buys BHP uranium deposit for $430m

By: Esmarie Swanepoel
27th August 2012

PERTH (miningweekly.com) – Mining giant BHP Billiton has sold its Yeelirrie uranium deposit, in Western Australia, to Canadian uranium producer Cameco for $430-million.

BHP uranium president Dean Dalla Valle said on Monday that Cameco, as one of the world’s largest publicly-listed uranium producers, was well placed to carry the project forward.

Historic estimates indicate that Yeelirrie contains a measured and indicated resource of some 139-million pounds of uranium oxide, and an inferred resource of some five-million pounds.

“Yeelirrie represents an attractive deposit that fits well with Cameco's vision and corporate strategy,” said Cameco president and CEO Tim Gitzel.

The deposit is located some 630 km from Perth and about 750 km south of Cameco’s Kintyre exploration project.

“We are pleased to add this promising deposit to our suite of uranium assets and look forward to advancing this property through our process for assessing development projects.”

The sale was subject to the relevant approvals from the Australian Foreign Investment Review Board, as well as the government of Western Australia.

Cameco said that it expected the sale to be completed by the end of this calendar year.

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