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Monday, April 12, 2021 - 11:30:11 PM
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Mining News Pro - Cameco plans to restart production this month at its Cigar Lake uranium mine in northern Saskatchewan.
Production at Cigar Lake was temporarily suspended in December 2020 due to increasing risks posed by the covid-19. At that time, the availability of workers in critical areas was shrinking due to the pandemic, the company said, adding that it has enhanced safety protocols in effect.
The Cigar Lake operation is owned by Cameco (50.025%), Orano Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco.
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world.
Two new research notes from BMO Capital Markets and Morgan Stanley say the current price marks a floor and predict a rally in prices over the next few years to the ~$50 level by 2024.
“The restart of Cigar Lake, one of the world’s largest uranium mines, could result in some near-term pressure on spot uranium prices, which could weigh on the stock, BMO Capital Markets said in note.
“Nevertheless, we forecast a uranium deficit of >33Mlb (18% of demand) in 2021, which should continue to drive an overall improving uranium price through the remainder of the year and beyond, which is likely to offset any near-term weakness, in our view.”
Midday Monday, Cameco’s stock was down 3.2% on the NYSE. The company has a $6.6 billion market capitalization.
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https://www.miningnews.ir/En/News/612092
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