The Financial Post reports in its Wednesday edition that in the Athabasca basin, Cameco's Cigar Lake is one of the biggest uranium deposits in the world. Postmedia's Nykole King writes that Cameco has marshalled a small army in service of unearthing a metal that has become a precious commodity in a world thirsty for power.
Uranium is so effective that just one year's worth of production from this site alone -- 18 million pounds -- could power Saskatchewan's electric grid for 22 years.
The mine is a feat of engineering. It took a decade of trial and error for Cameco to figure out how to extract uranium from the sandstone -- saturated with nearby lake water -- so that the mine wouldn't flood.
A new method has spurred a surge in wealth due to rising demand for uranium in nuclear power. Utility companies are eager to purchase Cameco's quality fuel for new reactors worldwide. Consequently, uranium prices are increasing and governments are supporting energy production plans to meet growing population needs.
Cameco is seizing the moment with a massive $80-billion (U.S.) partnership with the U.S. government for its joint-owned American nuclear power provider Westinghouse Electric to deploy reactors across that country.
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