November 09, 2017
New AREVA acknowledges the decision of Cameco Corporation to temporarily suspend by the end of January 2018 production from the McArthur River mining and Key Lake* milling operations in northern Saskatchewan, Canada, due to the continued low uranium price.
Market conditions have been very unfavourable with a drop of uranium spot price from early 2015 to the end of 2016 by 50% to reach 20$/lb and so far, the market does not show any sign of recovery.
New AREVA confirms that this temporary suspension - which is expected to last ten months - will not affect uranium delivery to its customers.
Regarding Cigar Lake mine and McClean Lake mill, 2018 production is expected at the same level as in 2017.**
New AREVA is committed to remain a reliable and competitive long-term uranium supplier.
* The McArthur mine is owned by Cameco (69.8%, operator) and AREVA (30.2%). The Key Lake mill is owned by Cameco (83.3%, operator) and AREVA (16.7%).
** The McClean Lake mill is owned by AREVA Resources Canada Inc. (70%), Denison Mines Inc.Corp. (22.5%) and OURD Canada Co. Ltd. (7.5%), and is operated by AREVA. The Cigar Lake mine is owned by Cameco Corp. (50.025%, operator), AREVA (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%).
Areva SA published this content on 09 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 November 2017 08:03:10 UTC.