nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope

Cameco cuts back on mining uranium, as market stays slumped

burial.uranium-industryCameco scales back uranium production, WNN, 22 Apr 16Cameco is suspending production at the Rabbit Lake uranium mine in northern Saskatchewan, curtailing production at its US uranium operations, and reducing production at McArthur River/Key Lake in response to market conditions, the company announced yesterday.

Work to transition the underground Rabbit Lake mine to care and maintenance will begin immediately and is expected to be completed by the end of August. Production at the US in situ leach operations cannot cease immediately because of the nature of the technology, and will instead decrease over time as head grades decline. The development of new wellfields will be deferred.

“Unfortunately, continued depressed market conditions do not support the operating and capital costs needed to sustain production at Rabbit Lake and the US operations,” CEO Tim Gitzel said. “These measures will allow us to continue delivering value to Cameco’s many stakeholders and support the long-term health of our company. We will provide assistance to those affected by these decisions,” he said……

The company will also reduce 2016 production at the McArthur River/Key Lake operation in Saskatchewan to 19 million pounds U3O8 (7308 tU), down from 20 million pounds (7693 tU), in response to a currently oversupplied uranium market…….http://www.world-nuclear-news.org/UF-Cameco-scales-back-uranium-production-2204167.html

Advertisements

May 6, 2016 - Posted by | business and costs, Uranium

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: