The merger of the Saskatchewan Mining Development Corp and Eldorado Nuclear has been completed. SMDC is a provincial mining company whereas Eldorado is federally owned.
Renamed Cameco, A Canadian Mining & Energy Corp, the new entity is the world’s largest uranium producer, churning out 16% of the western world’s total production. The company, which operates uranium mines in northern Saskatchewan’s rich Athabasca Basin, also controls some of the richest and largest uranium reserves in the world.
The company plans to move ahead with plans to privatize. Saskatchewan and the government of Canada have agreed to privatize Cameco, depending on market conditions. No date has been set for the first share offering. The company has assets of $1.55 billion.
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