The Cigar Lake joint venture partners include Cameco with 50% stake, AREVA Resources Canada with 37% stake, Idemitsu Resources Canada with 8% stake and Tepco Resources with 5% stake.
The new milling arrangements will reduce the operation costs of the Cigar Lake project and requires binding agreements with the owners of the project and the mill to proceed.
Currently, both the McClean Lake mill and Cameco’s Rabbit Lake mill process uranium from Cigar Lake.
Under the new arrangement, the McClean Lake mill would process and package 100% of Cigar Lake uranium and the Rabbit Lake mill will continue to process ore mined on the site and has the flexibility to process ore from other sources.
The new milling arrangement is expected to show a positive impact on the economics of the Cigar Lake project, according to Cameco.
