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Cameco slowly expands world’s biggest uranium mine, betting on recovery

Reuters | March 7, 2016 | 10:24 am Energy Top Companies Canada Europe Uranium 
Cameco slowly expands world's biggest uranium mine, betting on recovery
McArthur River mine in northern Saskatchewan. (Image courtesy of Cameco)

Cameco Corp is slowly expanding the world’s biggest uranium mine, betting utilities that are currently well-supplied will need the radioactive metal in coming years, Chief Executive Officer Tim Gitzel said on Monday.

Cameco’s McArthur River mine in northern Saskatchewan is expected to produce 20 million pounds this year, but is licensed for 25 million.

The Saskatoon, Saskatchewan, company has not signed off on the full expansion but is spending C$30 million ($22.48 million) this year to gradually prepare, Gitzel said in an interview with Reuters.

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