Saskatchewan’s Cameco sets production outlook for Cigar Lake operation
The Cigar Lake operation is expected to produce 16 million packaged pounds of uranium concentrate in 2016. — Photo courtesy Cameco Corp.
Cameco (TSX: CCO; NYSE: CCJ) announced today that the Cigar Lake operation is expected to produce 16 million packaged pounds of uranium concentrate (U3O8) in 2016 (Cameco’s share 8 million pounds).
Ore from the Cigar Lake mine is milled and packaged at the McClean Lake operation which is majority owned and operated by AREVA Resources Canada Inc.
The McClean Lake mill’s operating licence has a current annual production limit of 13 million pounds. AREVA plans to submit an application to the Canadian Nuclear Safety Commission to increase the mill’s licensed annual production limit. Full achievement of the 2016 production outlook for Cigar Lake is subject to securing regulatory approvals necessary to increase mill production.
Cameco will report the final 2015 production for Cigar Lake in its fourth quarter results on February 5, 2016.
The Cigar Lake mine is owned by Cameco (50.025%), AREVA Resources Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco.
Profile
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
