Cameco: Cigar Lake ready by April

Cameco Corporation says it expects to have enough water pumped out of its flooded Cigar Lake uranium mine to resume development by April. CFO Kim Goheen said most of the water has been pumped out with the level down to 475-480m and the refurbishment of the main shaft three-quarters complete.

“De-watering, and work to secure the underground developments, is expected to be complete between April and October of this year,” he said. “Crews have safely re-entered shaft one and are working to restore the ladder way, mechanical and electrical systems, including additional pumping to provide further assurance.”

The completion of Cigar Lake will be funded with the proceeds from the CAD872m sale of its stake in Centerra Gold, according to the Canadian Press. The Saskatchewan-based uranium miner will complete an updated report on the progress by the end of its first quarter.

Once operational, the mine is expected to produce 18mlb of uranium annually – half of it belonging to Cameco, who has a 50 per cent share in the project. The other half is owned by a number of investors, the largest being Areva.