Cameco’s third quarter report states that first production at McArthur River mine and the Key Lake mill in northern Saskatchewan is expected later this year. President and CEO, Tim Gitzel, says thee work continues in the transition from care and maintenance to operational readiness.

Commissioning is complete and critical mining equipment and the initial production areas have been prepared and are ready for new production at the McArthur River Mine. The Key Lake mill has undergone significant upgrades, including a new computer operating system, the installation of several automated systems and digital technology.

Cameco expects up to 2-million pounds of production this year. Operational readiness costs totaled around $51 million during the third quarter of the year. Consolidated revenue was up 8 per cent compared to the second quarter at $389-million and over 9 months, it’s up 33 per cent.