Cameco puts Millennium uranium mine project on hold

Poor economic conditions in world uranium markets have prompted Cameco to put its Millennium project in northern Saskatchewan on hold.

The Canadian Nuclear Safety Commission announced that its June 18, 2014, hearing to consider the application by Cameco for a 10-year license for its Millennium Mine project has been adjourned.

“Cameco informed the commission that it does not wish to proceed with the licensing of the Millennium Mine project at this time, due to current economic conditions,” said the commission in a notice of adjournment.

Located about 36 km north of Cameco’s Key Lake operation, the proposed underground uranium mine would produce 150,000 to 200,000 tonnes of ore annually at a nominal grade of 2% for six to seven years.

The deposit is believed to contain indicated resources of 46.8 million pounds of U3O8.

“Should Cameco request, at a later date, the commission to consider the application for a license for the Millennium Mine project, a notice of public hearing will be issued and the public will be invited to participate” said the Canadian Nuclear Safety Commission.

“Cameco will continue to do some limited work related to Millennium in order to be in a position to resubmit our application should market signals indicate new uranium projects are required,” the company said on its website.

Cameco acquired its 70% stake in the Millennium Mine project from Areva two years ago for $150 million.

 

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Cameco puts Millennium uranium mine project on hold

Poor economic conditions in world uranium markets have prompted Cameco to put its Millennium project in northern Saskatchewan on hold.

The Canadian Nuclear Safety Commission announced that its June 18, 2014, hearing to consider the application by Cameco for a 10-year license for its Millennium Mine project has been adjourned.

“Cameco informed the commission that it does not wish to proceed with the licensing of the Millennium Mine project at this time, due to current economic conditions,” said the commission in a notice of adjournment.

Located about 36 km north of Cameco’s Key Lake operation, the proposed underground uranium mine would produce 150,000 to 200,000 tonnes of ore annually at a nominal grade of 2% for six to seven years.

The deposit is believed to contain indicated resources of 46.8 million pounds of U3O8.

“Should Cameco request, at a later date, the commission to consider the application for a license for the Millennium Mine project, a notice of public hearing will be issued and the public will be invited to participate” said the Canadian Nuclear Safety Commission.

“Cameco will continue to do some limited work related to Millennium in order to be in a position to resubmit our application should market signals indicate new uranium projects are required,” the company said on its website.

Cameco acquired its 70% stake in the Millennium Mine project from Areva two years ago for $150 million.

 

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Comments on this article are closed.

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