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Cameco's vision is to be a dominant nuclear energy company producing uranium fuel and generating clean electricity. Our key strategy to deliver this vision is to sustain and grow uranium production in a way that is safe, clean, cost-effective and communit

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durban1

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UPDATE 1-Cameco to buy Hathor Exploration for C$520 mln

posted on Aug 26, 2011 07:37AM

UPDATE 1-Cameco to buy Hathor Exploration for C$520 mln

Fri Aug 26, 2011 7:15am EDT

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Aug 26 (Reuters) - Canada's largest uranium producer Cameco Corp said it plans to buy its junior peer Hathor Exploration Ltd for about C$520 million ($527.8 million )in cash, after talks for a potential board-supported deal failed.

The offer price of C$3.75 per share, represents a 40 percent premium to Hathor's Thursday closing of C$2.67.

Cameco said it first offer to buy Hathor, whose most significant asset is the Roughrider uranium deposit in Saskatchewan, was made on August 19.

The Roughrider deposit is estimated to contain indicated resources of about 17.2 million pounds of uranium. The deposit is located about 25 kilometres northwest of Cameco's Rabbit Lake mill. ($1 = 0.985 Canadian Dollars) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Viraj Nair)

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