SASKATOON, Saskatchewan (AP) — Cameco Corp., the world's largest uranium producer, said Friday it has resumed the removal of water from its Cigar Lake mine in Canada after flooding that followed a rock slide three years ago.
The company said an area where an inflow forced the suspension of work in August last year has been sealed off. The area was not part of its future plans for the northern Saskatchewan mine.
Cameco said removing the water and securing the mine is now expected to take six to 12 months, depending on conditions in the mine's shaft and underground workings.
The company has the approval of the Canadian Nuclear Safety Commission to secure and remove the water from the mine and has applied for a license amendment to complete remediation and construction of the mine. A hearing is scheduled Nov. 6.
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Cameco said it will provide an estimated production start date after it has pumped the water out of the mine, assessed its condition and incorporated the findings into new development and production plans.
In 2006, Cameco said it couldn't control water flowing into the Cigar Lake mine following a rock slide, and that it expected all underground areas to be filled with water. It evacuated the mine and said it would investigate options to restore access.
The following year, the company outlined plans to remediate the mine site, saying production wasn't expected to come on line until 2010.
Shares of Cameco fell 70 cents, or 2.3 percent, to $30.44 in afternoon trading.