Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cameco Starts Uranium Output at Cigar Lake Mine

Don't Miss Out —
Follow us on:

March 13 (Bloomberg) -- Cameco Corp., Canada’s largest uranium producer, started output from its Cigar Lake underground mine in northern Saskatchewan.

Ore from the mine is being transported to the McClean Lake mill, which is owned by Areva SA. The plant is expected to start processing the ore by the end of the second quarter, Saskatoon, Saskatchewan-based Cameco said today in a statement.

Construction of the mine fell several years behind schedule after a series of technical problems, including an underground flood in 2006. The mine sits atop what had been the world’s largest untapped, high-grade uranium deposit. The total capital cost of Cigar Lake is estimated at C$2.6 billion ($2.4 billion), Cameco said.

Cigar Lake is 50 percent owned by Cameco, 37 percent by France’s Areva, 5 percent by Tepco Resources Inc. and 8 percent by Idemitsu Canada Resources Ltd., according to Cameco’s website.

Cameco rose 2.6 percent to C$27.61 at the close in Toronto, it’s highest price since June 2011.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net Jasmina Kelemen, Stephen Cunningham

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.