Cameco buys BHP mine

3 August 2002

BHP Billiton has sold its uranium mine in Wyoming, US, to Cameco of Canada. The group said that the sale of the Smith Ranch, for an undisclosed fee, completed its departure from uranium production as it moved to diversify its non-core business.

BHP, which owns 100 operations in more than 25 countries, bought the Smith Ranch in 2000. The mine was the group's only uranium asset, producing natural uranium for power generation.

Earlier this year the company outlined plans to invest up to $4 billion to develop its oil and gas business. BHP boss Brian Gilbertson said that growth would be easier to achieve in these areas than in minerals, where it would face steep competition.
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