Cameco's Cigar Lake Uranium Mine Now Operational in Saskatchewan

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Researched by Industrial Info Resources (Sugar Land, Texas)--Cameco Corporation (NYSE:CCJ) (Saskatoon, Saskatchewan) began ore production at the Cigar Lake uranium mine last week in Cigar Lake, Saskatchewan, marking a major milestone for the company. At full production, the Cigar Lake is designed to produce 18 million pounds per year of uranium.

Ore slurry is being transported by truck to the McClean Lake mill, which will process the ore into uranium yellowcake. The McClean Lake mill also is undergoing an expansion project.

The cost for Cigar Lake escalated from $376 million, as first reported by Industrial Info in 1993, to the current estimate of $2.6 billion. The technically challenging underground mining project suffered numerous setbacks, including several incidents of water flooding, which delayed construction.

Construction began in 2005, but had to be halted in April 2006 due to flooding in the 480-meter-deep underground mine. Once it was dewatered, essentially all of the mechanical and electrical systems had to be replaced and mine remediated.

Mine remediation and dewatering activities began in late 2006 and continued to 2012.

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