Cigar Lake Mine Startup Over Three Years Away

Cigar Lake Mine Startup Over Three Years Away

Thursday, February 25, 2010 at 15:23

Cameco now says it anticipates production at the Cigar Lake uranium mine to begin in mid-2013.

The Saskatoon-based uranium company had been targetting 2011 for startup until the mine flooded in August 2008.

The company also revealed today that its net earnings for last year were a record $1.1 billion — a $650 million increase from the previous year.

Cameco says the increase was due mainly to the selling of its interests in Centerra Gold last year.

The company is reporting lower profits from its uranium and gold businesses in 2009, but Cameco President and CEO Jerry Grandey says his firm is well-positioned to meet its goal of doubling annual uranium production by 2018.