Make Kitco Your Homepage

Production resumes at the world's largest uranium mine

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Cameco (TSX: CCO; NYSE: CCJ), one of the world’s largest uranium producers, reported yesterday that the company is returning its regular workforce to the Cigar Lake uranium mine in northern Saskatchewan and planning to restart production later this week.

According to a previous announcement, about 230 workers were evacuated from the site on July 1 as a precaution due to the proximity of a wildfire burning in the vicinity of the operation. The company said that, in consultation with provincial wildfire management officials from the Saskatchewan Public Safety Agency, it believes that the risk to Cigar Lake posed by the fire has now subsided.

With improved weather and smoke conditions, minimal likelihood of further road closures in the area, and all infrastructure at Cigar Lake remaining intact, Cameco believes the full complement of personnel can be safely remobilized and regular operations resumed.

Cameco said it is now in the process of transporting employees and contractors back to site. Final inspections and preparation of equipment will occur over the days ahead to ready the operation for a return to production, the company noted.

Cameco is one of the largest global producers of uranium that has a controlling ownership of the world’s largest high-grade reserves and low-cost operations. Cigar Lake is the world’s largest uranium mine by production.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.