With this purchase, Cameco is now the majority stake holder in the Millennium project with a cumulative 69.9% interest in Saskatchewan-based project in Canada.

JCU (Canada) Exploration is the other stakeholder in the project now, with an unchanged 30.1% stake.

Situated in northern Canada, the Millennium project is a proposed underground mine estimated to contain 50m pounds of uranium thus far.

As per the terms of the sale, Areva walks away with both the CAD $150m ($ 147m) and any future royalties that were to accrue by selling new uranium that will be discovered in future.