Cameco gets nod for McArthur River

The Saskatchewan government has given its consent to Saskatoon-based Cameco (CCO-T) to develop the McArthur River uranium project.

Situated 620 km north of Saskatoon, the project has a resource of 416 million lb. U3O8 at an average grade of 15%. The capital cost of bringing the project to production is estimated at $400 million, with annual output pegged at 18 million lb.

Cameco owns a 56% interest, with 28% held by German-owned Uranerz Exploration & Mining and 16% held by French-owned Cogema Resources.

The project still requires federal approval before it can proceed.