Canadian uranium producer Cameco to increase output of mine in Kazakhstan
Aug 31. The Canadian Press
Canadian uranium giant Cameco (TSX:CCO) has a preliminary deal to increase annual output from the Inkai mine and processing plant in central Kazakhstan by about 1.3 million pounds, or about 33 per cent.
Under the memorandum of agreement with its partner Kazatomprom, Cameco’s share of Inkai’s annual production will be 2.9 million pounds of uranium with the processing plant at full capacity of 5.2 million pounds per year.
The preliminary deal requires finalized terms, government approval and other conditions.
Tim Gitzel, Cameco’s president and chief executive, said Inkai “will play a significant role in our plan to double uranium production to 40 million pounds by 2018.”
Last week, Cameco announced it would make a $520-million hostile bid for junior uranium explorer Hathor Exploration Ltd., owner of the promising Roughrider uranium deposit in Saskatchewan. Hathor’s board is working on an alternative.