Denison builds Canada’s first new type of uranium mine
Denison Mines (TSX: DML) plans to start constructing its Phoenix uranium mine in northern Saskatchewan in March, the country’s initial in-situ recovery (ISR) operation for the nuclear fuel.
The C$419 million capex Phoenix build decision and site preparation come just days after the federal regulator approved Denison’s environmental assessment and other licences. The Phoenix/Wheeler River project is in the southeast Athabasca basin, about 550 km north of Regina.
“With construction anticipated to take approximately two years, commencing construction in March is expected to allow us to maintain our objective to achieve first production from Phoenix by mid-2028,” Denison CEO David Cates said in a release on Tuesday.
Denison Mines (TSX: DML) plans to start constructing its Phoenix uranium mine in northern Saskatchewan in March, the country’s initial in-situ recovery (ISR) operation for the nuclear fuel.
The C$419 million capex Phoenix build decision and site preparation come just days after the federal regulator approved Denison’s environmental assessment and other licences. The Phoenix/Wheeler River project is in the southeast Athabasca basin, about 550 km north of Regina.
“With construction anticipated to take approximately two years, commencing construction in March is expected to allow us to maintain our objective to achieve first production from Phoenix by mid-2028,” Denison CEO David Cates said in a release on Tuesday.
NexGen Energy (TSX, NYSE: NXE; ASX: NXG) advanced to the second part of its CNSC hearing for federal approval of its Rook I project earlier in February, the same step Denison successfully completed last week.
If all three projects become producing mines, they would rank in the top five largest operations in the Athabasca basin by reserve size.
