Cameco Starts Pumping

Article Excerpt

CAMECO CORP. $45.16 (Toronto symbol CCO; SI Rating: Extra Risk) (306-956-6200; www.cameco.com; Shares outstanding: 352.3 million; Market cap: $15.9 billion) has started work to restore the underground workings at its flooded Cigar Lake mine in Saskatchewan. The company is now drilling holes down to the access tunnel at Cigar Lake, and plans to pump concrete through the drill holes into the tunnel to create a plug downstream from where the rockfall and water inflow occurred. At full capacity, Cigar Lake is expected to produce 18 million pounds of uranium a year. That represents about 17% of world production. The flood was one factor in uranium’s 67% rise over the last year to today’s price of $72 U.S. a pound. Cameco Corp. is still a hold. hold…

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