Q1 2014 Update
Production for the quarter was 9% higher compared to the same period last year due to efficiency and reliability improvements at the Key Lake mill.
We have begun developing the next freeze wall in zone 4. Freezing of zone 4 north is underway, and production from the area is expected to begin this year.
Licensing and production capacity update
At McArthur River, the Canadian Nuclear Safety Commission has approved an increase of our licence production limit to 21 million pounds (100% basis) per year from the mine. However, the current annual mill production licence limit at Key Lake remains at 18.7 million pounds (100% basis).
The current collective agreements with unionized employees at McArthur River and Key Lake expired on December 31, 2013. Bargaining began in November, 2013 and is ongoing. There is risk to production if we are unable to reach an agreement and a work stoppage occurs.
NEW PRODUCTION AREAS
Production from the new zone...
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