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. Read the complete article at NorthernMiner.com/news/cameco-cigar-lake