Cameco Updates Forecast For Canadian Uranium Operations
Written by NucNet
Friday, 19 September 2008
19 Sept (NucNet): The production forecast for 2008 from the combined
operations of Canada's McArthur River and Key Lake uranium mines has
been revised downwards, Cameco Corporation said today.
After reviewing production progress, Cameco anticipates its share of uranium production may be up to 0.8 million pounds U3O8 less than the 13.1 million pounds U3O8 previously anticipated. The McArthur River mine continues to produce ore as planned.
However, Cameco said this does not affect the 2009 production estimate for its share of the McArthur River/Key Lake operations, which is still 13.1 million pounds U3O8. Uranium deliveries to customers will continue as planned, the company said.
Uranium ore is mined at McArthur River and subsequently milled at Key Lake (Cameco's share of production is approximately 70 per cent). The Key Lake mill completed a three-week planned maintenance shutdown on 9 August 2008. Cameco said: "Restarting the mill was a longer process than anticipated due to equipment challenges experienced during start-up. The issues have been resolved with equipment upgrades that are expected to improve future performance."
Cameco is the world's largest uranium producer accounting for 20 percent of world production from its operational mines in Canada and the US.
- by John Shepherd
Related reports in the NucNet database (available to subscribers)
Uranium Business Drives 120% Earnings Increase For Cameco (News in Brief No. 15, 6 February 2008)
