Cameco said it plans to nearly double uranium production to 40 million pounds annually over the next eight years to satisfy rising demand for nuclear fuel as nuclear power generation capacity expands.
Cameco’s expansion plans rely heavily on production from its 50 percent owned Cigar Lake project in Saskatchewan, which was on track to produce 18 million pounds a year before it flooded in 2006. France’s Areva (CEPFi.PA) owns a minority stake. The company has been struggling to overhaul the project over the past four years, and now expects output in 2013
About nine-million tons a year of the production growth will come from the company’s share of output from Cigar Lake, and the balance will come from expansions and projects in Kazakhstan, Canada, Australia and the US.