De Beers in Canada

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Mining giants team up to explore tundra
Last updated Aug 5 2005 09:25 AM CDT
CBC News
The world's largest diamond producer has made an exploration deal with the world's largest uranium producer to explore Nunavut's Kivalliq region. De Beers Canada has signed an agreement giving the Saskatchewan-based Cameco Corporation permission to look for uranium on its Aberdeen Lake property, 150 kilometres west of Baker Lake. De Beers has been prospecting for diamonds on the 2,300 square kilometre claim since 1998. To keep up its end of the deal, Cameco will have to spend nearly $2 million over the next four years, prospecting for uranium on the claim. In return it will get a 60 per cent interest in the property. The Asia-Pacific Foundation of Canada is predicting a huge demand for uranium in the next ten years, especially from China. Uranium is used as fuel to produce electricity in nuclear power-generating stations.