Cigar Lake Won’t Start Until Q2 2014: Cameco

Reuters reported that the largest diversified uranium miner Cameco( TSX:CCO) has announce a delay on the start date of the much anticipated high-grade Cigar Lake uranium mine in the Athabasca Basin. The mine, whose anticipated start date was in 2013, has been pushed to Q2 of 2014.

According to Reuters:

The latest delay will have a minor impact on forecast uranium production in 2013, reducing it by the 300,000 pounds the company expected to see from the mine this year.

Still, Cameco said it did not expect another material effect on the capital cost of the project after warning in August that its share of the total capital cost for the mine would increase 15 percent to 25 percent from the previous estimate of C$1.1 billion ($1.06 billion).

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