Millennium
| Location | Saskatchewan, Canada |
| Ownership | 69.9% |
| End product | Uranium concentrates |
| Potential mine type | Underground |
| Estimated resources (our share) |
53.0 million pounds (indicated), average grade U3O8: 2.39% 20.2 million pounds (inferred), average grade U3O8: 3.19% |
Background
The Millennium deposit was discovered in 2000, and was delineated through geophysical survey and drilling work between 2000 and 2013. In 2012, we paid $150 million to acquire AREVA’s 27.94% interest in the project, bringing our interest in the project to 69.9%. We are the operator.
2014 update
We have submitted the final environmental impact statement to regulators, and in 2014, we were expecting a decision from the CNSC on a construction and operating licence for Millennium. However, we requested an adjournment of the public hearing, as moving the process forward at this time is not justified in the current uranium price environment. Based on our current assessment of the uranium market, we do not expect the deferral of the CNSC hearing will impair our ability to quickly advance Millennium to a development decision when the market signals the need for additional production.