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Message: Cameco backs out of race for Hathor18
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TORONTO, Nov 28 (Reuters) - Canadian uranium miner Cameco Corp <CCO.TO> said on Monday it is backing out of a bidding war for Hathor Exploration <HAT.TO> after Anglo-Australian miner Rio Tinto <RIO.AX> sweetened its bid to C$654 million.

"After careful consideration we cannot justify increasing the price beyond our current offer and accordingly, we will let our offer lapse," said Chief Executive Tim Gitzel in a statement.

Allowing the bid to lapse won't set back Cameco's plan to double annual uranium production to 40 million pounds by 2018, Gitzel said. (Reporting by Euan Rocha; Editing by Frank McGurty)

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