Categories: Energy / General Market Commentary
Topics: General Energy / General Market Commentary

10 Top Uranium Mines

Sept. 23, 2016

 

10 Top Uranium Mines

The top-producing uranium mine in 2015 was McArthur River, which is majority owned by Cameco.

In 2015, world uranium production came to 60,514 tonnes, up from 2014’s number of 56,041 tonnes. While production was down in 2014 from 2013’s 59,331  tonnes, the increase from 2015 is promising.

Kazakhstan was far and away the year’s top uranium-producing country with 23,800 and it was followed by Canada with  13,325 tonnes and Australia with 5,672 tonnes.

With those numbers and locations in mind, the Investing News Network took a look at the world’s 10 top uranium mines of 2014. Here’s a brief overview of those mines, based on statistics and information from the World Nuclear Association.

1. McArthur River mine
2015 mine production: 7,354 tonnes

Located in Saskatchewan, Canada, the McArthur River mine is the world’s largest uranium mine, and its annual output dwarfs that of other projects. Production at the McArthur River mine dropped slightly from 7,356 in 2014 to 7,354 in 2015. In 2015, the mine accounted for 12 percent of uranium mined worldwide.

Major miner Cameco (TSX:CCO) holds a 69.8 percent stake in McArthur River and is its operator. It is entitled to 234.9 million pounds in proven and probable uranium reserves. AREVA Resources Canada, a subsidiary of AREVA (EPA:AREVA), owns the other 30.2 percent of McArthur River.

McArthur River became operational in 2000, and expansion into other prospective deposits near the mine could prolong its life. To date, McArthur River has yielded 291million pounds of uranium.

2. Cigar Lake
2015 mine production: 4,345 tonnes

Cigar Lake is the world’s highest-grade uranium mine, located in northern Saskatchewan. Commercial production at the nine began in May 2015, with a total of 11.3 million pounds produced by the end of the year with a ramp-up of 18 million pounds per year expected by the end of 2017.  Cigar Lake accounted for 7 percent of worldwide production of uranium in 2015.

Cameco also holds a stake in the mine with 50 percent ownership. It is entitled to 110.9 million pounds in proven and probable uranium mineral reserves. The remaining 50 percent ownership is divided between AREVA (37 percent), Idemitsu Uranium Exploration Canada (8 percent) and TEPCO Resources (5 percent).

To see the rest of the list and continue reading please click link http://investingnews.com/daily/resource-investing/energy-investing/uranium-investing/top-uranium-mines/?mqsc=E3850408