June 11, 2012 / 1:27 PM / 6 years ago

Areva closes stake sale in Canadian mining project

PARIS (Reuters) - Areva AREVA.PA has closed the sale of its 27.94 percent stake in the Millennium mining project to Cameco corporation (CCO.TO) for about 115 million euros ($143.37 million), the French state-controlled nuclear group said in a statement on Monday.

Logo of France's nuclear reactor maker Areva, is seen during the company's 2009 annual results presentation in Paris March 4, 2010. REUTERS/Charles Platiau

The stake sale to Cameco, which will subsequently own a stake of nearly 70 percent in the Millennium project, will help cut Areva’s net debt and finance its strategic and safety investment program.

Areva said it would, however, benefit from royalties if new uranium resources were to be discovered for the mine, which is located north of the Canadian province of Saskatchewan.

Reporting by Caroline Jacobs; Editing by Christian Plumb

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