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Monday, Sep 9
Cameco to miss 2013 target for Cigar Lake uranium project
- Cameco (CCJ) says additional work is required on its Cigar Lake uranium project in Saskatchewan, pushing the expected start of production into Q1 2014 from the end of this year.
- CCJ says 97% of Cigar Lake is complete and the commissioning of mining systems is "well advanced," and the capital cost of the mill modifications is not expected to be material.
- Cigar Lake already has suffered several delays due to flooding and a series of technical challenges; CCJ said last month its share of the capital cost for the project would increase by 15%-25% from the previous $1.1B estimate.
- CCJ -0.5% premarket.