Millennium

2004 - 2014

 

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Scope

The Millennium Project is a greenfield project located in northern Saskatchewan between the Key Lake mill and the McArthur River mine. Cameco is the operator of the project with 69.9% ownership in the JV Partnership. The deposit was first discovered 2000. As a Cameco Program Manager, James lead the development of the Millennium Project from initial scoping through to submission of construction and licensing documents to the regulators. The icons on the left represent areas that James and his team worked on under his direction. The period of time covered was 2004 to 2014, with James being called away to other projects and operations as needed, and others stepping into lead the project.

“The scope of the Millennium Project includes the activities and components associated with the construction, operation, and decommissioning of the Millennium Project. Construction activities include shaft and underground mine development, building of surface infrastructure and support facilities, as well as construction of the access road and stream crossing structures. Operation activities include mining of the ore deposit and operation of the surface infrastructure and support facilities, site water management, ore and mine rock management, temporary storage of industrial, domestic, hazardous, and contaminated waste, and transportation of ore and mine waste” [1]

[1] Technical report titled “Millennium Project Environmental Impact Statement”, dated November 2, 2012 with an effective date of August 31, 2012.

Exploration

Exploration

Joint Venture Strategy

Joint Venture Strategy

Design Authority and Benchmarking

Design Authority and Benchmarking

Innovative Mining and Shaft Sinking

Innovative Mining and Shaft Sinking

Value Engineering and Project De-Risking

Value Engineering and Project De-Risking

Environment, Social, and Governance (ESG)

Environment, Social, and Governance (ESG)

Project Execution and Finances

Project Execution and Finances

Contract Management

Contract Management

Regulatory Engagement

Regulatory Engagement

 

Scale 

“Since its discovery, Cameco has continued to explore the deposit, conducted feasibility studies, and commenced environmental assessments and community consultations. Our studies indicate the deposit is smaller than Cigar Lake and is located roughly 600 meters below surface.” [2].

Cameco’s ownership 69.9%, estimated resources: 53.0 million pounds (indicated), average grade U3O8: 2.39% 20.2 million pounds (inferred), average grade U3O8: 3.19% [3]

[2] Cameco Northern Saskatchewan Website, https://www.cameconorth.com/about/businesses, downloaded September 2020.

[3] Cameco 2014 Annual Report MD&A, 2014 Update, www.cameco.com, downloaded September, 2020

Megaproject (construction value)

Megaproject

(construction value)

PEA/PFS/FS/Execution

PEA/PFS/FS/Execution

International Office Management

International Office Management

Greenfields Projects

Greenfields Projects

Results

“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.” [3]

[3] Cameco 2014 Annual Report MD&A, 2014 Update, www.cameco.com, downloaded September, 2020

Front-End Engineering Design Complete

Front-End Engineering Design Complete

Life of Asset update

Life of Asset update

Community Engagement

Community Engagement

Regulatory Approvals Pending

Regulatory Approvals Pending

Permitting Submitted

Permitting Submitted

Overall Project Objectives Met

Overall Project Objectives Met

 
 

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Cigar Lake

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Cigar Lake Phase II

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