Mining has started at the Cameco Cigar Lake Uranium mine

Mining began in June, 2013 at the Cigar Lake Uranium mine in Canada. The first packaged pounds of uranium from the massive Cigar Lake project is expected before the end of year. Cigar Lake is 50% owned by Cameco(France’s Areva holds 37%). It is the world’s second largest high-grade uranium deposit (Cameco’s McArthur Lake being the largest) boasting U3O8 grades 100 times the global average.

Cameco had lower uranium production in the second quarter relative to 2012, but the first half of the year was still ahead of 2012 by 1%

Cigar Lake uranium production is expected to ramp up to 8,200 t/y U3O8 (7,000 tU/y) over four years from production start in mid 2013. Known resources are 150,000 tonnes U3O8 at about 17% average grade, and with other resources the mine is expected to have a life of at least 30 years.

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