Canadian Mining Journal


Cameco shows progress at Cigar Lake

VANCOUVER — It’s a tough time to be in the uranium business, but Canadian producer Cameco (TSX: CCO; NYSE: CCJ) believes it is well positioned for a market recovery due to strong operating leverage and a rock-solid contract portfolio. According to president and CEO Tim Gitzel, the company’s cornerstone Cigar Lake asset in northern Saskatchewan is a “key to the strategy,” and a promising quarterly performance indicates the mine is on track to deliver.

Cameco had initially expected to produce between 25.3 million and 26.3 million lb U3O8 in 2015, but boosted its production guidance to 27.3 million lb. following the third quarter. The company attributed the increase to a stronger than expected performance at Cigar Lake, which hit commercial production in mid-May.

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