Cameco To Resume Operations At Cigar Lake After Wildfire Spares The Mine

Cameco (TSX: CCO) announced Sunday that its workforce will be returning to the Cigar Lake uranium mine in northern Saskatchewan after the Briggs wildfire following the assessment that the “risk posed by the fire has now subsided.” This announcement followed just hours after the company released an update on the situation that there was “no scheduled return to site…or for the resumption of production.”

In consultation with provincial officials of the Saskatchewan Public Safety Agency, the company concluded that while the wildfire remains, it no longer poses a risk to the Cigar Lake facility.

“With improved weather and smoke conditions, minimal likelihood of further road closures in the area, and all infrastructure at Cigar Lake remaining intact, Cameco believes the full complement of personnel can be safely remobilized and regular operations resumed,” the company said in a statement.

The company evacuated some 230 employees from the site Thursday when the fire blazed across the forest near the facility. Around 80 employees who remained on-site to keep the facility safe, are also reportedly unharmed.

Upon initial inspection, Cameco said the wildfire passed the main area of the site without causing serious damage. The company believes that the facility sustained no structural or asset damage.

The company is now in the process of transferring back its evacuated employees and contractors to resume production later this week.

Cameco last traded at $23.60 on the TSX.

Information for this briefing was found via Cameco. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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