Cigar Lake Cameco mine to re-open in September

Cameco’s Cigar Lake mine which shut down in March because of COVID-19 will re-open in September.

CEO Tim Gitzel says, “it’s good for Cameco from a financial perspective, from a risk management perspective , and it’s good for northern Saskatchewan.”

He says some communities in the north depend on the mine for employment, business development and community investment.

The uranium mining company will actively monitor the public health situation and will take a measured approach with all of its restart activities.

Gitzel says shutting down the mine added an additional $37-million to the expenses side of the budget .

Cameco’s second quarter report shows an adjusted net loss of $65-million and revenues increased 35 per cent in the second quarter compared to the same time period last year, for a total of $525-million.

The CEO says another positive note is that the Federal Court of Appeal decided unanimously in their favour in a dispute with the Canada Revenue Agency.

That means, Cameco is expecting 45.5-million plus interest for the tax years 2003, 2005 and 2006, and $10.25-million for legal fees, and up to $17.9-million for disbursements.


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