Uranium producer Cameco Corporation on Tuesday announced that its $346,5-million acquisition of a 70% stake in Rio Tinto's Kintyre uranium exploration project, in Western Australia, had been completed.
It had acquired the project through a joint venture with Mitsubishi Development, which owned a 30% stake, for a total of $495-million through a bidding process.
The producer would operate the project and was funding its share of the purchase price through existing credit facilities, it said in a media release.
Rio Tinto announced the sale of the Western Australian project as part of its programme to divest assets worth $10-billion this year. Earlier this year, Rio Tinto sold Greens Creek mine, in Alaska for $750-million and its stake in the Cortez operation, in Nevada, for $1,69-billion.