By paNOW Staff

Cameco signs deal with mining company in Finland

Feb 8, 2011 | 5:44 AM

Cameco has signed long-term deals to buy uranium produced at a nickel-zinc mine in Finland.

The Saskatoon company will provide an up-front investment of up to $60 million to cover the construction cost.

“Cameco is already a supplier of uranium fuel to generate clean electricity for Finnish utilities and their customers,” said Cameco CEO Jerry Grandey in a press release.

“Cameco’s strategic goal is to double uranium production from our existing assets by 2018. Our deal with Talvivaara will provide Cameco with an additional source of uranium supply over and above what we expect to produce from our properties.”

They are expecting production of uranium to be approximately 900,000 pounds per year once the mine ramps up to full production.

Business and Economy

Investment and development firm that bought Cornerstone acquires South Hill Mall

16m ago

education

Auditor finds non-compliance with international trip, credit card and expense claims at Northlands College

4h ago

Court proceedings

Drugs and weapons bust in Stanley Mission, results in two year sentence

23h ago

Once the capital is repaid, Cameco will purchase the uranium concentrates produced at Sotkamo mine through a second agreement that ends on December 31, 2027. The second agreement will provide Talvivaara payments for the uranium, based on a formula that references market prices at the time of delivery.

Cameco will take ownership of the uranium at the Sotkamo site and has the sole right to market the product to its customers.

news@panow.com