Benzinga | Jul 2, 2021 03:25PM EDT

Cameco Provides Update on Wildfire around Cigar Lake

Cameco (TSX:CCO, NYSE:CCJ) provided an update today regarding the wildfire situation near the Cigar Lake uranium mine in northern Saskatchewan.



All of the roughly 80 essential workers who remain at Cigar Lake are safe. The wildfire has moved past the main camp area without serious impact to the site itself. While our inspections continue, we believe no structural damage has occurred to any buildings and all assets appear intact.

However, the situation remains active. Forest fires are dynamic and circumstances can change rapidly. We therefore continue to monitor the situation very closely and work alongside provincial wildfire management officials from the Saskatchewan Public Safety Agency (SPSA) who remain on-site. Crews extinguished a few hot spots overnight and some roads in the area remain closed.

Weather conditions are forecast to remain hot and dry in the north today before temperatures ease through the following days. Variable and shifting wind and smoke patterns can also pose a challenge.

There is currently no timeline for the return to site of the roughly 230 workers who were evacuated from Cigar Lake or for the resumption of production. However, planning for the remobilization process and the associated logistics is underway. A restart decision will be contingent on a variety of factors, including the status of wildfire activity in the area, the impact of ongoing smoke conditions, and safe road and air access to site.

Cameco is grateful for the tremendous support and assistance we continue to receive from SPSA officials, along with our own personnel who remain at Cigar Lake to secure the site and conduct essential duties, as well as those from other sites aiding in the effort.