Australia’s Uranium Equities has entered into a joint venture agreement with Cameco Australia for its Rudall River uranium project, located in the East Pilbara region of Western Australia.

Under the agreement, Cameco will have a 60% interest and act as manager of the joint venture, while Uranium Equities will own a minority 40% stake.

The companies will fund the project’s exploration activities in proportion to their respective interests, Uranium Equities said in a statement.

The joint venture is the third such deal between the companies in three pro-uranium Australian states; the Northern Territory, South Australia and Western Australia.

The Rudall River project lies within the north-west tending Paterson Orogen at the eastern edge of the Pilbara Craton, near the Kintyre uranium deposit.