Talvivaara, Cameco, Euratom Supply Agency approves deal

Following the European Commission authorization, Euratom Supply Agency has approved the agreement between Talvivaara Mining Company Plc and Cameco Corporation for the sale of uranium. The authorisation enables Talvivaara to sell its uranium production to Cameco under the terms of its off-take agreement. It also includes provisions which guarantee the security of uranium supply in the European Union.

ESA’s ok represents the first step in the uranium permitting process. It also is a requirement as part of the Finish government licensing procedure. The actual start of production, though, is subject to further EC authorization regarding the Euratom Treaty, Environmental Permit approval and license from the Finnish Government to extract uranium as a by-product.

The Environmental Permit application for uranium extraction was submitted to the Regional Environmental Permitting Agency in March 2011 and the decision on the permit is expected during Q2 2012. In April 2010, Talvivaara applied to the Ministry of Employment and Economy for a license to extract uranium as a by-product, in accordance with the Nuclear Energy Act. The application is currently being processed and approval by the Finnish Government is expected in early 2012. EC’s approval pursuant tothe Euratom Treaty is also expected in early 2012.

Pekka Perä, Talvivaara’s CEO, commentedthat the Finnish company is "delighted by the news that our contract with Cameco for the off-take of uranium was approved by the ESA. We have successfully reached the first milestone in the permitting process and we remain confident that, with final approvals over the coming period, we will soon be able to deliver further value from our ore at Talvivaara through uranium by-product extraction."


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