ONTARIO – Saskatoon-based Cameco, one of the world's largest uranium producers, has agreed to sell its 31.6% interest in Bruce Power LP to BPC Generation Infrastructure Trust (Borealis). BPC, one of the partners in Bruce Power, has agreed to pay $450 million for Cameco's share.
Bruce Power operates four of the eight reactors at the Bruce nuclear generating facility in Tiverton, ON. Bruce – soon to have a capacity of 6,300 MW – is the largest facility of its kind in North America. It current supplies 3,000 MW to its customers. Learn more at BrucePower.com.
Tim Gitzel, Cameco president and CEO, said in a release, "We believe the best option for our shareholders is to sell our interest in Bruce Power and continue to reinvest in our core uranium business where we see strong potential for growth."
Cameco (Cameco.com) holds a 50% interest in the Cigar Lake uranium mine in Saskatchewan. Jet boring began in December 2013 and the first ore production is scheduled for Q1 2014.