Cameco Updates Production Outlook for Cigar Lake

Cameco (TSX:CCO) has announced that the Canadian Nuclear Safety Commission has approved an application by AREVA Resources Canada to increase the annual licensed production capacity of the McClean Lake milling operation to 24 million pounds of uranium concentrate.
As quoted in the press release:

Ore from Cameco’s Cigar Lake mine is milled and packaged at the McClean Lake operation which is majority owned and operated by AREVA. Approval of AREVA’s application permits Cameco to meet its 2016 Cigar Lake production outlook of 16 million packaged pounds of uranium concentrate (Cameco’s share 8 million pounds). Prior to the approval, the McClean Lake mill’s operating licence had an annual production limit of 13 million pounds.
The Cigar Lake mine is expected to reach its full annual production of 18 million pounds (Cameco’s share 9 million pounds) in 2017.
The Cigar Lake mine is owned by Cameco (50.025%), AREVA Resources Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco.

Click here to read the full press release.