A historic agreement is signed in northern Saskatchewan

Kineepik Métis Local #9 and the Village of Pinehouse signed a Collaboration Agreement with Cameco Corporation and AREVA Resources Canada. — Photo courtesy www.pinehouselake.ca

Cameco, the world's largest publicly traded uranium company, along with AREVA Resources Canada—a uranium mining, milling and exploration company based in Saskatchewan—signed a historic agreement in December 2012. The two companies signed an official, formalized agreement with the Northern Village of Pinehouse and Kineepik Métis Local #9, located in northern Saskatchewan.

According to a story in the Regina Leader-Post, this agreement comes after several decades of co-operation between the companies and the local community. The agreement ensures responsible and sustainable resource development.

Gary Merasty, vice-president of corporate social responsibility for Cameco, explained that the new agreement will ensure greater long-term co-operation between the uranium industry and the community, and it will benefit the community in a number of ways.

"This collaboration agreement reaffirms and formalizes our 25-year relationship with the community of Pinehouse and Kineepik Metis," he said. "Under this agreement, the Village of Pinehouse will benefit from workforce and business development opportunities, and have more control over community investment funding from the industry, which will give them a better idea of what they will receive and [will] allow for better planning. The agreement also includes one-time signing and milestone payments, as well as annual payments tied to production levels. The agreement is expected to deliver an estimated $200 million in economic benefits to the people of Pinehouse over the next 11 years."

Mining companies, local businesses and the uranium industry in the province of Saskatchewan will also benefit from the signing of the new agreement, according to the Leader-Post. With the continued co-operation of the Northern Village of Pinehouse and surrounding communities, Cameco is able to confidently continue its uranium-mining operations and consider new ways to improve efficiency and production in the future, provided it meets the requirements put forth in the agreement.

For more information on this agreement, you can read the full article published in the Regina Leader-Post or the press release posted on the Pinehouse Lake website.