08/26/2012 08:56 EDT | Updated 10/26/2012 05:12 EDT

Cameco picks up Australian uranium property for $430 million US

SASKATOON - Canadian uranium giant Cameco (TSX:CCO) has purchased one of Australia's largest undeveloped uranium deposits for $430 million US.

The Saskatchewan-based company announced Sunday it reached an agreement with BHP Billiton to acquire the Yeelirrie uranium project in Western Australia.

Yeelirrie is located about 650 kilometres northeast of Perth and about 750 kilometres south of Cameco’s Kintyre exploration project.<

Cameco CEO Tim Gitz said in a news release that "Yeelirrie represents an attractive deposit that fits well with Cameco’s vision."

The deal is subject to approval by the Australian and western Australian governments, but Cameco says it expects the transaction to close by the end of the year.

Cameco is one of the world’s largest uranium producers.