Cigar Lake Startup Still Projected For 2013

Cigar Lake Startup Still Projected For 2013

Tuesday, February 15, 2011 at 13:57

 

 

Cameco says it is on pace to start up the Cigar Lake uranium mine by the middle of 2013.

 

Although currently off-line, Cameco CEO Jerry Grandey says activity is ramping up at the facility.

 

Grandey says company officials expect to begin sinking Shaft 2 at Cigar Lake this year.

 

Meantime, the company says it remains on track to double uranium production by 2018.

 

Grandey also says Cameco is excited about what is happening in China.

 

According to the Bedford Report, China is in the process of quadrupling its uranium production to as much as 60 million pounds a year.

 

It also will reportedly build 10 nuclear power plants a year for the next decade.

 

Grandey notes the country has signed significant long-term uranium purchasing agreements.