Company Update (NYSE:CCJ): Cameco Corporation USA Restricts Underground Mining Activities at the Rabbit Lake Operation

Cameco Corporation USA (NYSE: CCJ) announced that underground mining activities have been restricted at the Rabbit Lake operation in northern Saskatchewan.

After reopening an inactive area of the Eagle Point mine, a fall of rock was discovered in a tunnel. No groundwater inflow to the mine has been observed in the affected area.

As a precautionary measure, 40 non-essential personnel were removed from the mine and activities were restricted to ensure the safety of mine workers while the condition of the affected area is assessed. There were no injuries and no effect on the environment.

Production mining at Eagle Point has been temporarily suspended while the assessment is completed. The Rabbit Lake mill continues to operate as usual.

The Rabbit Lake operation is expected to meet its 2015 production target of 3.9 million pounds of uranium concentrate (U3O8) by processing ore that was mined previously and transported to the surface.

The Canadian Nuclear Safety Commission and Saskatchewan Mines Inspector have been notified. Further information will be provided once the assessment is complete.

Currently about 600 Cameco employees and contractors work at the Rabbit Lake operation. (Original Source)

Shares of Cameco closed yesterday at $12, up $0.31 or 2.65%. CCJ has a 1-year high of $17.77 and a 1-year low of $11.26. The stock’s 50-day moving average is $12.44 and its 200-day moving average is $13.48.

Cameco Corp is engaged in the exploration for and the development, mining, refining, conversion, fabrication and trading of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries.

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