CAMECO CORP. $26.90 - Toronto symbol CCO

CAMECO CORP. $26.90 (Toronto symbol CCO; TSINetwork Rating: Extra Risk) (306-956-6200; www.cameco.com; Shares outstanding: 395.6 million; Market cap: $10.6 billion; Dividend yield 1.5%) has finally started production at its Cigar Lake mine in northern Saskatchewan.

Construction was several years behind schedule after a series of technical problems, including an underground flood in 2006. The $2.6-billion mine is tapping into one of the world’s largest high-grade uranium deposits.

Cigar Lake is 50% owned by Cameco, 37% by France’s Areva, 8% by Idemitsu Canada Resources Ltd. and 5% by Tepco Resources Inc.

The mine’s ore is being shipped to Areva’s McClean Lake mill, which is expected to start processing it by the end of June 2014.

Cameco is still a buy.

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