Global miner BHP Billiton announced Monday that it had signed an agreement to sell its wholly owned Yeelirrie uranium deposit in Western Australia to one of the world's largest uranium producers Cameco Corporation for 430 million U.S. dollars.
BHP Billiton Uranium President Dean Dalla Valle said Canadian- based Cameco was highly respected in the industry.
"We believe they are well placed to carry this project forward in a responsible manner," he said in a statement released Monday.
The sale is subject to relevant approvals from the Australian Foreign Investment Review Board and the Government of Western Australia.
Yeelirrie is one of Australia's largest undeveloped uranium deposits, 630 kilometers north-east of Perth in the Northern Goldfields region of Western Australia (WA).
BHP shelved its plans to expand its Olympic Dam operations in South Australia last week.
Copyright ©1999-2011 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
