Cameco and Tenex agree to explore

[Cameco, 12 March; Bloomberg, 13 March] Cameco Corp of Canada and JSC Techsnabexport (Tenex) of Russia have signed a binding agreement to form a joint venture within three months to explore for uranium in Canada and Russia. The two companies will cooperate on joint uranium exploration projects and, if warranted, engage in development and production of uranium deposits that are found. Financing for projects would be split equally between Cameco and Tenex. The two companies have also identified priority projects for possible future joint exploration activities in Russia and Canada that would be disclosed when agreements are finalized. According to Yekaterina Shugaeva, a spokeswoman for Tenex, "Actual exploration will start this year as there's no point in delaying." She added that the joint venture would begin exploring in southern Russia in "several new regions deemed to have good prospects for high-grade uranium," including the Nesoglasiye region. Cameco will provide the technology, while Tenex will keep the mined ore. In Canada, the two companies will split the mined uranium equally.

Further information

Cameco
Techsnabexport

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