Shares were up more than 45% on Tuesday mid-morning after it announced that joint venture partner Rio Tinto will start drilling for uranium at the company's asset in Saskatchewan.
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.
In the wake of announced production cutbacks by Kazakhstan's state-owned uranium mining powerhouse, Kazatomprom, the beleaguered uranium market has seen an upswing.
Proposed refinancing comes after Paladin failed to sell a 24% stake in its Langer Heinrich mine to China National Nuclear Corporation (CNNC), which was expected to fetch $175 million.