Cigar Lake Situation Improving, Profits Up: Cameco

Cigar Lake Situation Improving, Profits Up: Cameco

Wednesday, August 12, 2009 at 14:33

Cameco’s president says good progress is being made on the flooded Cigar Lake mine.

Jerry Grandey spoke this morning at a news conference to share the company’s second quarter earnings.

He says Cameco has growing confidence in the situation at Cigar Lake.

“This is demonstrated by our progress in recent weeks in beginning to seal last summer’s in-flow error. This is another step toward dewatering the mine. We expect the remediation work that will allow us to get the de-watering finished will be completed by the end of the year,” Grandey says.

Grandey says until the mine is dewatered and they can have a look around, they can’t say when production will begin at Cigar Lake.

However, Grandey says overall Cameco is doing much better this year than last.

The company’s net earnings so far this year are $247-million, which is $97-million dollars more than at this time last year.