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Friday, January 31, 2014

Uranium miner Cameco to sell Bruce Power stake, (NYSE: CCJ)

Canadian uranium miner Cameco Corp said on Friday it has agreed to sell its interest in Bruce Power, a partnership that operates one of the world's largest nuclear generating facilities in Ontario, for C$450 million ($403 million).But with uranium prices languishing, Cameco Chief Executive Tim Gitzel is in no rush to spend the proceeds of the deal.He would rather set it aside to develop assets the company has already acquired - the Millennium project in northern Saskatchewan and the Yeelirrie project in Western Australia, for example - but not until time is right."We've got significant uranium pounds under our control, and we're just waiting for the market to improve," Gitzel told Reuters. "As the uranium market improves, as we believe it will over the next period of time - years, I would say - we want to be ready."

Cameco Corporation (Cameco) is engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Shares of CCJ fell by 3.36% or $-0.74/share to $21.26. In the past year, the shares have traded as low as $17.27 and as high as $23.19. On average, 1745270 shares of CCJ exchange hands on a given day and today's volume is recorded at 2336518.