Cameco is selling out its stake in a southwestern Ontario nuclear power company.
The Saskatchewan uranium company announced Friday morning it is selling its 31.6 per cent share in Bruce Power to Borealis for $450 million.
Cameco CEO Tim Gitzel says the company felt the time is right to sell its share in Bruce Power and concentrate on its core business of uranium mining.
“Our bread and butter, if you like, the company is built on uranium mining and we also see that space as improving and improving quite rapidly,” he says.
He adds with Bruce Power about to go through some major infrastructure upgrades, the company also figured this was a good time to sell its share.
Gitzel also says no jobs at the company will be affected by the transaction.
Borealis is an existing partner in Bruce Power.