Cameco’s Cigar Lake passes production milestone
TORONTO (miningweekly.com) – Canada’s biggest uranium producer has passed the critical production milestone of ten-million pounds of yellow cake produced from the Cigar Lake mine, in northern Saskatchewan.
TSX- and NYSE-listed Cameco’s 50.025% share of the mine’s output totalled about five-million pounds.
The mine declared commercial production on May 1, after suffering several setbacks in developing the mine over the years, as frequent flooding and problems with freezing the earth around the underground passages and ore delayed production.
The Cigar Lake mine was operated by Cameco, while Areva Resources Canada held a 37.1% stake, Idemitsu Canada Resources held a 7.875% stake and Tepco Resources held the remaining 5% interest.
Ore from the Cigar Lake mine was milled at the McClean Lake operation, which was 70%-owned by Areva Resources Canada, 22.5% by Denison Mines and Ourd Canada, which held the other 7.5%.
Ore was transported 70 km by truck from the Cigar Lake mine to the McClean Lake mill for processing into uranium concentrate.
Cameco hit the initial 2015 production target during the third quarter.
Cameco planned to report the full 2015 production for Cigar Lake in its fourth quarter results, due out on February 5, 2016.
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