Tuesday, October 24, 2006

Canadian Nuke Miners Go Swimming

Prospects for developing a $12 billion body of uranium ore in northern Saskatchewan took a body blow Monday. Cameco, the mining giant, was unable to contain a flood of high pressure water in the Cigar Lake mine that's currently under development and was forced to abandon the mine. Apparently the water was contained in a sandstone formatiou under enormous pressure and it blew into the development drift after a rock fall. All efforts to halt the flood were futile.

Cameco has already sunk $500 million to bring the mine into production, which would have supplied about 20 per cent of world demand for the mineral.


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