Cameco Evacuating Cigar Lake as a Precaution due to Wildfire

Rhea-AI Summary

Cameco has evacuated non-essential personnel from its Cigar Lake uranium mine in Saskatchewan due to a nearby northern wildfire. This precautionary action comes amidst extremely warm and dry conditions caused by a heat dome affecting western Canada. Consequently, production at Cigar Lake is temporarily suspended, with about 230 workers being evacuated while approximately 80 essential personnel remain on-site to ensure safety. The company is in collaboration with provincial wildfire management to mitigate risks from the wildfire.

Positive

• Collaboration with Saskatchewan Public Safety Agency to ensure safety conditions.
• Essential personnel remain on site to maintain facility safety.

Negative

• Production at Cigar Lake is temporarily suspended.
• Evacuation of approximately 230 workers indicates potential operational disruptions.

SASKATOON, Saskatchewan, July 01, 2021 (GLOBE NEWSWIRE) -- Cameco (TSX: CCO; NYSE: CCJ) has made the decision to evacuate all non-essential personnel from the Cigar Lake uranium mine in northern Saskatchewan.

The action is being taken as a precaution due to the proximity of a northern wildfire that is currently burning in the vicinity of the operation. The situation is complicated by extremely warm, dry weather, resulting from the heat dome that has settled over western Canada in recent days, along with variable wind and smoke conditions.

Production at Cigar Lake has been temporarily suspended. Approximately 230 workers are being transported off site. Roughly 80 essential personnel will remain on site to maintain the facility in a safe state. Should the wildfire threat grow considerably at site, a plan is in place to ensure their safety.

A number of precautions have been implemented at Cigar Lake to limit the risk posed by the wildfire. Cameco is working closely with provincial wildfire management personnel from the Saskatchewan Public Safety Agency, who are on-site assessing the situation on an ongoing basis. The decision to evacuate the operation was made in conjunction with these officials.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

Caution Regarding Forward-Looking Information and Statements

This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include the statements regarding our expectations that the suspension will be temporary, that essential personnel will remain on site to maintain the facility in a safe state and that we will be able to ensure their safety. Material risks that could lead to different results include the risks that the suspension may extend for longer than we expect, and that we may not be able to maintain a safe state or ensure the safety of the personnel remaining on site. In presenting this forward-looking information, we have made assumptions which may prove incorrect, including assumptions regarding the duration of the suspension, our ability to maintain the facility in a safe state, and our ability to ensure the safety of personnel. Forward-looking information is designed to help you understand management’s current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Jeff Hryhoriw
306-385-5221
jeff_hryhoriw@cameco.com

FAQ

What caused the evacuation of Cameco's Cigar Lake mine?

The evacuation was due to the proximity of a northern wildfire and extreme weather conditions.

How many workers were evacuated from Cigar Lake?

Approximately 230 workers were evacuated, while 80 essential personnel remained to maintain safety.

What is the status of production at Cameco's Cigar Lake mine?

Production is temporarily suspended due to the wildfire threat.

Is Cameco working with any authorities regarding the wildfire?

Yes, Cameco is collaborating with the Saskatchewan Public Safety Agency for ongoing assessments.

What precautions has Cameco implemented at Cigar Lake?

Cameco has taken various precautions to limit the wildfire risk and ensure personnel safety.