MONTREALGAZETTE.COM (MONTREAL)--Canada-based Cameco Corp. signed two agreements to buy uranium produced at the Sotkamo mine from Talvivaara Mining Co. The first agreement states that Cameco will provide up to USD 60 million to construct an extraction circuit at the mine that they will complete in 2012. After initial uranium deliveries repay this contribution, Cameco will purchas
e uranium from the mine until 31 December 2027 per the second agreement. Cameco will then take ownership of the mine, which they expect to produce 900,000 lbs of uranium annually. Source: http://www.montrealgazette.com/business/Cameco+signs+uranium+purchase+agreements+Finland/4244477/story.html (Reliability: 44.16--Moderate) Analysis:
With the addition of uranium from the Sotkamo mine to its long list of resources, Cameco is highly likely to continue to be a global leader in uranium extraction over the next two years. On 19 December 2010, Cameco marked producing its 400 millionth pound of U3O8. Its principal mine, McArthur River Mine, produced nearly 16.18 million pounds of uranium in 2010 (15% of world production) that Cameco converted into 19.1 million pounds of U3O8 at its Key Lake processing plant. (Analytic Confidence: High)
Image: The red rectangle and shaded area outline the Sotkamo mine in Finland. Image Source: http://www.gexco.se/images/taivaljarvi/location_2.jpg
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