Cameco Corporation (CCJ)

[Tommy]

$CCJ - Cameco to miss 2013 target for Cigar Lake uranium project

Cameco (CCJ) says additional work is required on its Cigar Lake uranium project in Saskatchewan, pushing the expected start of production into Q1 2014 from the end of this year.
CCJ says 97% of Cigar Lake is complete and the commissioning of mining systems is "well advanced," and the capital cost of the mill modifications is not expected to be material.
Cigar Lake already has suffered several delays due to flooding and a series of technical challenges; CCJ said last month its share of the capital cost for the project would increase by 15%-25% from the previous $1.1B estimate.
CCJ -0.5% premarket.

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