PDN 3.70% 13.0¢ paladin energy ltd

alert 4year delay on cigar lake ann just out

  1. 4,040 Posts.
    NEXT LEG OF THE URANIUM BULL RUN TO BEGIN "TONIGHT"

    WHOOOOOOOOOOOOOOHOOOOOOOOOOOOO :)

    Here's The latest On Camecos Cigar Lake Fiasco.





    Cameco Says Cigar Lake Uranium Mine Faces More Delay (Update1)

    By Yuriy Humber and Christopher Donville

    Oct. 31 (Bloomberg) -- Cameco Corp., the world's largest uranium supplier, said production at its Cigar Lake mine won't start until 2011 ``at the earliest'' and that fourth-quarter sales will fall.

    Repairs to the mine, the world's biggest untapped source of uranium that was flooded a year ago, is taking longer than forecast, Saskatoon, Saskatchewan-based Cameco said today in release distributed by Market Wire. The miner expects fourth- quarter revenue to drop about 10 percent from the third quarter.

    Delays to production at Cigar Lake, which was originally scheduled to start mining this year, helped push uranium prices to as much as $138 a pound in June, increasing costs for utilities that run nuclear reactors. The company had expected to produce about 18 million pounds of the radioactive metal this year -- about 10 percent of global consumption.

    Cigar Lake is half-owned by Cameco, with 37 percent held by a unit of Paris-based Areva SA, the world's biggest reactor maker, 8 percent by Idemitsu Canada Resources Ltd. and 5 percent by Tepco Resources Inc.

    Cameco's profit in the third quarter rose to C$102 million ($106.7 million), or 25 cents a share, from C$73 million, or 20 cents, a year earlier, the company also said today.

    Cheers To All The Uranium Bulls :)
 
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