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Message: Cameco bad news = great news for future prices of Uranium

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Cameco bad news = great news for future prices of Uranium

posted on Oct 31, 07 07:48PM

 

Wed Oct 31, 7:28 PM

SASKATOON - Cameco Corp. (TSX:CCO) has confirmed the flooded Cigar Lake uranium mine in northern Saskatchewan won't start production before 2011, and also revealed Wednesday that one of its suppliers in Russia is looking to charge higher prices for the uranium the Canadian company buys from dismantled nuclear weapons.

"Production start-up remains 2011 at the earliest," he said.

 

Given Cigar Lake's complexity - Cameco has to freeze the ground to prevent flooding and add rigidity around the half-kilometre-deep mining work - "there is no off-the-shelf manual to guide remediation."

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Like Trigon Uranium? Then you might also be interested in McLaren Resources

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