Poor economic conditions in world uranium markets are forcing Cameco Corp. (TSX: CCO; NYSE: CCJ) to put its Millennium uranium project on ice.
The Canadian Nuclear Safety Commission says Cameco doesn’t want to proceed with the licensing application for its Millennium underground mine project, 600 km north of Saskatoon.
At Cameco’s request, CNSC has adjourned a public hearing that had been scheduled for June 18, which was to have concluded the environmental assessment. Cameco has also withdrawn its application for a 10-year licence to build and operate Millennium.
Currently spot uranium prices, at US$28 per lb, are the lowest in about nine years …
Read the complete story at NorthernMiner.com/news/cameco