The company says it has seen a significant improvement over the past year, with prices up about 20%, but believes conditions are not where they need to be to restart idled capacity.
Cameco Mining News
CanAlaska is 70% owner and operator of Joint Venture with Cameco.
Late last month the Tax Court of Canada ruled in favour of Cameco Corp in their decade long dispute
The court has referred the matter back to the Minister of National Revenue in order to issue new reassessments for the 2003, 2005 and 2006 tax years.
Decade-low prices have had a negative effect on the profitability of existing mines and on the capacity of early-stage projects to raise necessary funding to be mine-ready when demand picks up.
The news bumped Cameco's stock (CCO.TO) five per cent on Thursday send it to $14.97 a share.
Work at the project, located immediately next to Cameco's Fox Lake uranium discovery, has been focused on evaluating the C10 corridor, which is highlighted by the NE-striking conductivity high in the southern part of the property.
But the Canadian company said the uranium market remained “quiet.”
Rio Tinto had already earned a 75% interest in the C-4-5-6 property, and it was expected to exercise its option to acquire full interest by 2019.
A uranium deposit in Western Australia under development by Cameco (TSX:CCO, NYSE:CCJ) will not be held up by conservationists who oppose it.
Canada’s top uranium producer is seeing the first improvements brought by higher prices and drastic cost-cutting measures, including the recent haly of its flagship McArthur River mine in northern Saskatchewan.
The truck was en route to the Blind River refinery in Ontario.
But low prices for the radioactive commodity remain a challenge, the latest report by the US Geological Survey (USGS) shows.
Company will suspend operations at the McArthur River and Key Lake at the end of January for at least 10 months.
Cameco said its most immediate goal was to remain competitive and in a position to be among the first to respond when the market calls for more uranium.
Drills turning at CanAlaska Uranium's (TSXV:CVV) West McArthur project in Saskatchewan, Canada, have started to bear fruit.
Work at the asset, located immediately next to Cameco's Fox Lake uranium discovery, will be carried out by a helicopter-supported team based at Cameco's nearby majority-owned McArthur River.
The permit renewal comes only a year after the miner obtained regulatory approval from the Canadian Nuclear Safety Commission to rise annual uranium production capacity from 13 million to 24 million pounds.
The Kiggavik uranium project called for one underground and four open-pit mines just west of Baker Lake, and would have provided at least 400 jobs.
Top Canadian uranium producer Cameco (TSX:CCO) has just signed an agreement with CanAlaska Uranium (TSXV:CVV) to conduct exploratory drilling at the West McArthur uranium project, 15 kilometres from its majority-owned McArthur River uranium mine.
According to its CEO, Cameco is in the early stages of evaluating the sale of its mines in Nebraska and Wyoming.
Prices for the radioactive metal have fallen more than 50% since the Fukushima disaster in 2011
Tepco’s termination of the contract would affect about 9.3 million pounds of uranium deliveries through 2028, Cameco said.
Cameco (NYSE:CCJ, TSX:CCO) has inflicted more pain on its payroll as Canada’s largest uranium producer struggles amid a flat market for the nuclear fuel.