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Cameco Management Discusses Q2 2012 Results - Earnings Call Transcript

Good news. I can report that McArthur River this quarter has to do with the risk to 2013 production we mentioned in our annual MD&A. There was a possibility that production could be affected when we transition to the upper mining area of zone 4 in 2013. However, we've made productivity improvements on cycle times and changed the sequencing of the raises in zone 2, mitigating that risk, so we're very pleased with our team's achievement in that regard.

At Cigar Lake, we continue to make solid progress. Many of the milestones that we laid out for the year have been achieved. Shaft 2 has been sunk to its final depth of 500 meters and we're now installing infrastructure. We've also lowered the main components of the jet boring machine underground and have begun assembly. Testing of the system will occur later this year. And the Seru Bay pipeline has progressed to the point where we can use it in the event of a nonroutine inflow. So I can report that progress at Cigar Lake is going very well.

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