Orano Canada, which operates the McClean Lake mill and holds a 42.6% stake in the Cigar Lake project, initiated the shutdown to conduct urgent repairs. Because the Cigar Lake site maintains limited ore storage capacity, Cameco—the majority owner with a 57.4% share—halted mining activities immediately to prevent a production bottleneck.
In section Market Quotes
Cameco Halts Cigar Lake Uranium Mining Over Acid Plant Failure
A mechanical failure at the McClean Lake mill has forced Cameco to shutter its flagship Cigar Lake uranium mine in northern Saskatchewan. The stoppage follows a breakdown in the facility’s sulfuric acid plant, leaving the site without the necessary chemical processing capacity to maintain its extraction workflow.
Management anticipates the mill will return to service within two weeks. While Cameco maintains its 2024 production guidance of 17.5 million to 18 million pounds of U3O8, the company acknowledged that any extension of the repair timeline would threaten these targets. The firm expects no long-term impact on its 2026 outlook, provided the sulfuric acid supply chain stabilizes by the end of the month.
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