Shares in Cameco up 2.7% as remediation underway at Cigar Lake uranium project
Shares in Cameco Corp. (TSX:CCO) rose 2.7 per cent in morning trading Tuesday, a day after the company announced that remediation work is underway at the Cigar Lake uranium project in northern Saskatchewan.
On the Toronto stock market, Cameco stock was up $1.01 at $38.31 on 806,000 shares traded.
Water filled the Cigar Lake underground development on Oct. 23, halting the joint venture owned by Cameco (50 per cent), Areva Resources Canada Inc. (37 per cent), Idemitsu Uranium Exploration Canada (eight per cent) and TEPCO Resources Inc. (five per cent).
Cameco said late Monday that international experts are developing a comprehensive remediation plan including, fallback options. Revised capital cost estimates and timelines are being developed and are expected to be available in February.
“The planning process for Cigar Lake remediation is progressing well and we are devoting significant resources and expertise towards recovery of this valuable project,” said Terry Rogers, senior vice-president and chief operating officer.
There are about 250 people working at the site. Work on surface facilities including water treatment ponds, earthworks and an electrical substation continues.
Cameco, based in Saskatoon, is the world’s largest uranium producer.
