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Higher costs, lower profits for Cameco uranium mining

Cameco downgraded to sell  FP Trading Desk: April 05, 2010, by David Pett Uranium, Mining, CamecoThe ongoing saga at Cigar Lake continues to haunt Cameco Inc. investors.Late Thursday, the uranium miner released its long-awaited technical report on the Northern Saskatchewan project, revealing higher costs and a slower-than-expected ramp-up of production.
“While the company had recently disclosed a revised capital cost estimate of around $1.0 billion and a revised start-up timeline of 2013, the technical report disclosed higher than forecast life of mine cash operating costs of $23/lb (up from $14/lb) and a relatively slow production ramp up timeline (with full capacity not expected until 2017),” Orest Wowkowdaw, Canaccord Adams analyst, said.

April 6, 2010 - Posted by Christina Macpherson | business and costs | AUSTRALIA, nuclear, nuclear costs, nuclear secrecy, nuclear wastes, uranium