Projects under evaluation
Kintyre
Kintyre, which we acquired with a partner in 2008, diversifies our geographic reach and deposit types. We are the operator.
| Location | Western Australia |
| Ownership | 70% |
| End product | uranium concentrates |
| Mine type | open pit |
| Estimated resources (our share) |
38.7 million pounds (indicated) average grade U3O8: 0.58% 6.7 million pounds (inferred) average grade U3O8: 0.46% |
Background
In August 2008, we paid $346 million (US) to acquire a 70% interest in Kintyre.
2011 update
This year we:
- generated a National Instrument 43-101 mineral resource estimate
- completed an MOU for a mine development agreement with the Martu
- significantly advanced a prefeasibility study and an environmental review and management program, the level of environmental assessment required for the Kintyre project
We had planned to complete the prefeasibility study and submit a draft environmental review and management program. To support the prefeasibility study, we expanded the scope of our drilling program and have delayed these activities to 2012.
Planning for the future
Our plan for 2012 is to keep moving the project towards a production decision. We expect to:
- carry out further exploration drilling to test for other potential satellite deposits
- complete the prefeasibility study and decide whether to proceed to the feasibility stage
- submit a draft environmental review and management program
- complete the mine development agreement with the Martu
Managing the risks
To successfully develop this project, we need a positive feasibility study, regulatory approval and an agreement with the Martu. We also manage the risks listed here.
Millennium
Millennium is a uranium deposit in northern Saskatchewan that we expect will use our excess milling capacity. We are the operator.
| Location | Saskatchewan, Canada |
| Ownership | 42% |
| End product | uranium concentrates |
| Mine type | underground |
| Estimated resources (our share) |
21.4 million pounds (indicated) average grade U3O8: 4.55% 7.0 million pounds (inferred) average grade U3O8: 2.54% |
Background
The Millennium deposit was discovered in 2000. The deposit was delineated through geophysical survey and drilling work between 2000 and 2007.
2011 update
This year we:
- continued work on the environmental assessment
- completed a summer drill program, which increased our inferred mineral resource estimate
- carried out additional studies and design work to advance the project
Planning for the future
Our plan for 2012 is to keep moving the project towards a production decision. We expect to:
- complete the environmental assessment and submit the draft environmental impact study to the regulators in early 2012
- begin engineering for the project
- carry out a drill program to test the upper portion of the ore body
Managing our risks
The English River First Nation (ERFN) has selected surface lands covering the Millennium deposit in a claim for Treaty Land Entitlement (TLE). The Saskatchewan government has rejected the selection, but the ERFN has challenged the government's decision in the courts and this litigation continues. The TLE process does not affect our mineral rights, but it could have an impact on the surface rights and benefits we ultimately negotiate as part of the development of this deposit.
Environment Canada has proposed a recovery strategy for woodland caribou in northern Saskatchewan. This strategy has the potential to restrict further economic and social development in northern Saskatchewan and could have an impact on our ability to develop this deposit.
We also manage the risks listed here.