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Posted by r2d2 03/25/2009 @ 08:13

Tags : cameco, mining, business

News headlines
Uranium miner reports assays from Saskatchewan project - Stockhouse
The company also announced that a $1.5 million summer program has been approved by the Wheeler River Joint Venture of which Denison is the operator holding a 60% interest, Cameco (TSX: T.CCO, Stock Forum) holds a 30% interest and JCU (Canada)...
Cameco set to resume Port Hope UF6 output - Reuters
TORONTO, May 19 (Reuters) - Cameco Corp (CCO.TO) said on Tuesday it will restart production of uranium hexafluoride (UF6) at its Port Hope, Ontario, plant after resolving a contract dispute with a key supplier. The uranium producer suspended production...
Fire Fighter's Museum told to move - Northumberland Today
Though the buildings on the centre pier are owned by Cameco, the land has been owned by the Port Hope Harbour Commission since the 19th century. "We need to have the option of using the space for storage," said Doug Prendergast, senior communications...
RESEARCH ALERT-UPDATE 1-BMO starts Cameco with outperform - Reuters
May 13 (Reuters) - BMO Capital Markets initiated coverage of Cameco (CCO.TO) with an "outperform" rating, saying the uranium producer is well placed to take advantage of opportunities in an expanding nuclear industry. "Cameco is well placed to...
Mining Summit-Cameco CEO sees uranium supply crunch,M&A - Gerson Lehrman Group
Cameco is the world's largest and lowest cost uranium producer. The uranium market is very opaque and it is important for the market to know what Cameco has to say about the demand/supply of uranium. The financial crunch has definitely created...
Shimmy dance evening May 22 at Cameco Capitol Arts Centre - Northumberland Today
Attend the 7 pm May 22 Shimmy Dance show at the Cameco Capital Arts Centre in Port Hope. The opening dance introduces all performers in a tribal tribute to Africa, followed by different groups showcasing their rhythmic talent in a variety of musical...
Cameco makes significant donation to NSW - Northumberland Today
Along with the fun of men in high heels, one highlight of the recent Walk A Mile In Her Shoes fundraiser for Northumberland Services For Women was the Cameco Corporation's generous $30000 in support of the shelter and resource-centre expansion....
5-Star Stocks Poised to Pop: Cameco - Motley Fool
Based on the aggregated intelligence of 130000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, uranium producer Cameco (NYSE: CCJ) has earned a coveted five-star ranking. With that in mind, let's take a closer...
Cameco net falls as spot-uranium buys boost costs - Tehran Times
VANCOUVER (Bloomberg) -- Cameco Corp., the world's largest uranium producer, said first-quarter profit slid 38 percent because of higher expenses as the company increased speculative purchases of uranium on the spot market. The company intends to buy...
Downgrading Cameco to Neutral, while increasing price target ... - RTT News
(RTTNews) - Monday, Credit Suisse downgraded Cameco Corp. (CCO.TO: News ) shares to Neutral from Outperform, while increasing its price target to C$29 from C$27.50. Analyst Profiti noted that CCO reported first quarter of 2009 adjusted fully diluted...


Cameco Logo.svg

Cameco Corporation (TSX: CCO, NYSE: CCJ) is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan. It is the world's largest uranium producer, accounting for 20% of world production.

The new company was initially owned 62% by the provincial government and 38% by the federal government. The initial public offering (IPO) for 20% of the company was conducted in July, 1991. Government ownership of the company decreased over the next 9 years, with full privatization occurring in February, 2002.

In 1996, Cameco acquired Power Resources Inc., the largest uranium producer in the United States. This was followed in 1998 by the acquisition of Canadian-based Uranerz Exploration and Mining Limited and Uranerz U.S.A., Inc.

Cameco operates several uranium mines in North America and Kazakhstan, including McArthur River, the world's largest high grade uranium deposit and mine, and Cigar Lake, the world's largest undeveloped high grade uranium deposit, both in Saskatchewan. Other operations in Saskatchewan include a mine and mill at Rabbit Lake and a mill at Key Lake.

In the United States, Cameco operates uranium mines in the states of Nebraska and Wyoming through its US subsidiary Cameco Resources Inc. Cameco Resources was formed in 2007 through a restructuring of two wholly owned subsidiaries, Power Resources Inc. (Wyoming) and Crowe Butte Resources Inc. (Nebraska).

In the province of Ontario, Cameco operates a uranium refinery in Blind River and a uranium conversion facility in Port Hope, which has faced opposition from some community groups. Through the Bruce Power Limited Partnership (BPLP), Cameco also participates in nuclear power generation in the province.

In 2004, Cameco spun off its gold mining operations in Kyrgyzstan, Mongolia and the USA to a newly formed public company, Centerra Gold. Cameco currently owns approx. 53% of Centerra's shares.

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Saskatchewan Mining Development Corporation

The Saskatchewan Mining Development Corporation (SMDC) was a provincial crown corporation established by the Government of Saskatchewan to manage the government's interests in exploration and mining in the province.

SMDC was active in the exploration for Uranium, Gold, and Diamonds.

The assets of SMDC were merged with those of Eldorado Nuclear Limited in 1988 to form Cameco Corporation with its head office in Saskatoon, Saskatchewan.

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Uranium mining in Wyoming

Uranium mining in Wyoming, a state of the United States was formerly a much larger industry than it is today. Wyoming once had many operating uranium mines, and still has the largest known uranium ore reserves of any state in the U.S. The Wyoming uranium mining industry was hard-hit in the 1980s by the drop in the price of uranium. When the uranium price dropped, the uranium-mining boom town of Jeffrey City lost 95% of its population in three years.

US Geological Survey geologist J. D. Love discovered uranium in 1951 near Pumpkin Buttes, about 25 miles northeast of Midwest, Wyoming. Other deposits were found along a 60-mile northwest-southeast trend in the southwest part of the Powder River Basin, and production began in 1953. The deposits are roll fronts in fluvial sandstones of the Eocene Wasatch Formation and underlying Paleocene Fort Union Formation. The principal ore minerals are uraninite, coffinite, metatyuyamunite, and carnotite. Gangue minerals are calcite, gypsum, pyrite, iron oxide, and barite.

Uranium was discovered in 1952 in Cretaceous sandstones of the Inyan Kara Group near its outcrop in Crook County, Wyoming, near the northeast edge of the Black Hills. Production began in 1953. Ore minerals are uraninite and coffinite in unoxidized sandstone, and carnotite and tyuyamunite in oxidized sandstone. Gangue minerals in unoxidized deposits are pyrite, marcasite, and calcite; in oxidized deposits calcite and iron oxide.

No mining has taken place in the Northern Black Hills district in recent years, but recent high uranium prices have brought new exploration drilling to the area.

The Gas Hills district, straddling the Natrona-Fremont county line in central Wyoming, was discovered in 1953, and ore production began in 1955. The ore consisted of lenticular bodies of meta-autunite, uraninite, and coffinite in fluvial arkosic sandstones in the upper Wind River Formation of Eocene age. Mining was mostly by open pit, although there were also some underground mines. Strathmore Minerals Corp. of Kelowna, British Columbia is currently applying for permits to mine properties in the Gas Hills district.

In the Little Mountain mining district on the west side of the Bighorn Mountains, Big Horn County, Wyoming, uranium was produced from 1955 to 1970 from paleokarst breccias in the Madison Limestone of Mississippian age. The uranium occurs as carnotite and tyuyamunite.

Uranium was discovered in the Shirley Basin, Carbon County, in 1955. Production began in 1960 from underground and open-pit mines. Mining by in-situ leaching began in 1961, the first in-situ leach mining of uranium in the United States. The ore occurs as roll fronts in Eocene sandstone of the Wind River Formation, as uraninite with pyrite, marcasite, hematite, calcite, and organic matter.

The Crooks Gap district of Fremont County contains uranium ore in fluvial sandstones of the Eocene Battle Spring Formation.

By 2006, the only active uranium mine in Wyoming was the Smith Ranch-Highland in-situ leaching operation in the Powder River Basin, owned by Power Resources, Inc., a subsidiary of Cameco. The mine produced 907 tonnes of yellowcake (uranium oxide concentrate, U3O8) in 2006, making it the leading uranium producer in the United States.

In October 2007, Energy Metals Corp. applied for a Nuclear Regulatory Commission (NRC) permit to start an in-situ leach mine at the Moore Ranch deposit in Campbell County in the Powder River Basin. Energy Metals is a subsidiary of Uranium One. The permit application is the first NRC application since 1988 for a new uranium recovery facility. The Moore Ranch deposit contains an estimated 5.8 million pounds (2600 tonnes) of uranium oxide. The uranium will be absorbed onto ion-exchange resin beads at the mine; the beads will be shipped to existing facilities of Power Resources Inc. (Cameco) in Wyoming and Nebraska for recovery of the uranium.

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Eldorado Mining and Refining Limited

The Eldorado Mining and Refining Limited company was originally organized in 1927 as Eldorado Gold Mines Limited to develop a gold mine in Manitoba. Its president Gilbert LaBine later found radioactive deposits at Great Bear Lake, Northwest Territories in 1930, which led to the development of the Eldorado Mine at Port Radium. They built a state-of-the-art refinery in Port Hope, Ontario in 1933. Radium production took place between 1933 and 1940 when World War II closed European markets for radium material. The other byproduct of the company was silver, copper, and uranium salts. Uranium was useless until scientists realized the enormous energy potential of the uranium atom. The company reopened the mine at Port Radium in 1942 to supply the United States military with uranium products. The Canadian Government took over the company by purchasing share control in 1943, and in early 1944 the name was changed to Eldorado Mining and Refining Limited.

The crown corporation held a monopoly on uranium prospecting and development in Canada until 1948. Together with a discovery of the Port Radium deposits, the Eldorado company opened the Beaverlodge Mine at Uranium City, Saskatchewan. It entered production in 1953. In the 1960s the nature of sales changed when the United States military ceased purchasing of Canadian uranium ores for the purpose of atomic weapons, and from then on uranium was produced for power plants. During this period the name of the company was changed to Eldorado Nuclear Limited. The crown corporation was dismantled in 1988 and merged with assets of the Saskatchewan Mining Development Corporation(SMDC) to become Cameco Corporation. The old records of the company are housed in the National Archives of Canada.

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Source : Wikipedia