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Cameco to meet Cigar Lake production target, expects full production in 2017

1st June 2016

By: Samantha Herbst

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – TSX- and NYSE-listed uranium producer Cameco’s Cigar Lake project, in the uranium-rich Athabasca basin, is likely to meet its 2016 production outlook of 16-million packaged pounds of uranium concentrate (U3O8) – 8-million of which belong to Cameco – following approval from the Canadian Nuclear Safety Commission (CNSC) to increase the yearly licensed production capacity at the McClean Lake milling operation from 13-million pounds to 24-million pounds U3O8.

Ore from the Cigar Lake mine is milled and packaged at the McClean Lake operation, majority-owned and operated by Areva Resources Canada, which initially applied for the capacity increase at McClean.

The Cigar Lake mine is expected to reach its full yearly production of 18-million pounds in 2017.

The Cigar Lake mine is owned by Cameco (50.025%), Areva Resources Canada (37.1%), Idemitsu Canada Resources (7.875%) and Tepco Resources Inc. (5.0%) and is operated by Cameco.

Edited by Creamer Media Reporter

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