Cameco's Ownership Interest In JV Inkai To Be Adjusted To 40% - Quick Facts

(RTTNews) - Cameco Corp. (CCO.TO, CCJ) signed an agreement with Joint Stock Company National Atomic Company Kazatomprom and Joint Venture Inkai LLP to restructure and enhance JV Inkai. The new agreement replaces the memorandum of agreement signed by Cameco and Kazatomprom in September 2012. Cameco's ownership interest in JV Inkai will be adjusted to 40%, and Kazatomprom's ownership interest in JV Inkai will be adjusted to 60%. The Inkai operation is an in situ recovery uranium mine in south Kazakhstan that is owned and operated by JV Inkai which, in turn, is currently owned by Cameco (60%) and Kazatomprom (40%). The new agreement also provides for a governance framework that provides protection for Cameco as a minority owner.

The Joint Stock Company National Atomic Company "Kazatomprom" is the national operator, of the Republic of Kazakhstan, for import and export of uranium, rare metals, nuclear fuel for power plants, special equipment and dual-purpose materials.

Cameco and Kazatomprom will complete a feasibility study for the purpose of evaluating the design, construction and operation of a uranium refinery in Kazakhstan with the capacity to produce 6,000 tU annually as uranium trioxide. The agreement includes provisions that would make Cameco's uranium refining technology available to Kazatomprom on a royalty-free basis, and grants Kazatomprom a five-year option to license Cameco's uranium conversion technology for purposes of constructing and operating a UF6 conversion facility in Kazakhstan.