A mine operating in Kazakhstan, in which Cameco has an ownership stake, has halted production.
The company put out a news release Thursday morning saying that the Inkai mine located overseas has stopped production due to an issue with the mine’s documentation.
Cameco owns a 40 percent stake in the mine while the remaining 60 percent is owned by Kasatomprom, which itself is majority-owned by the Kazakh government.
According to Cameco, the mine was supposed to receive an extension to submit updated Project Documentation at the end of the year. However, that extension was not received and the mine halted production to avoid any violations of Kazakhstan legislation.
In the news release on the matter, Cameco says they are “disappointed and surprised” by the “unexpected” shutdown.
The uranium company says they will be looking for further clarification for how this happened and the potential financial impact the suspension will have in the upcoming years.