Work resumes at Cigar Lake

Article Excerpt

CAMECO CORP. $31.89 (Toronto symbol CCO; SI Rating: Extra Risk) (306-956-6200; www.cameco.com; Shares outstanding: 392.7 million; Market cap: $12.5 billion) has resumed removing water from the flooded 50%-owned Cigar Lake project. The project first flooded in 2006. The company expects that it will take six to 12 months to remove the water. Cameco is the world’s largest uranium producer. The company supplies over 18% of global production. Cigar Lake is the world’s richest unmined uranium deposit. The mine could eventually produce over 10% of annual global output. Production will now likely begin in early 2013. Cameco Corp. is still a buy. buy…