NexGen eyes summer 2026 build for huge Rook I uranium mine

NexGen Energy (TSX, NYSE: NXE; ASX: NXG) is to start construction this summer of its Rook uranium mine in northern Saskatchewan, the largest development-stage uranium deposit in Canada.The C$2.2 billion capex build plan for Rook I comes on the same day the Canadian Nuclear Safety Commission (CNSC) approved NexGen’s environmental assessment and construction licence, and just weeks after the regulator’s two-part hearing process concluded.  Located in the uranium-rich Athabasca basin’s southwest, Rook I is about 900 km northwest of Regina.“Current expectations are for a four-year construction period,” Canaccord Genuity Capital Markets analyst Katie Lachapelle said in a note on Thursday. “We expect NexGen to release a detailed construction schedule in the near-term.”The approval follows one of the most rigorous regulatory processes conducted for a resource project in the world, NexGen CEO and founder Leigh Curyer said in a release.“This milestone is the result of the NexGen team’s steadfast and unrelenting focus over 12 years understanding and delivering our objectives honestly and incorporating a culture of excellence,” he said.Top uranium producerRook I, anchored by the high-grade Arrow deposit, could produce almost 30 million lb. of uranium oxide (U3O8) per year over the first half of its 11-year life, according to a feasibility study published in 2021.That capacity would make it the top uranium mine by output in North America, ahead of Cameco’s (TSX: CCO; NYSE: CCJ) producing McArthur River and Cigar Lake mines in Saskatchewan.NexGen’s construction milestone also coincides with other developments for uranium players in the province over the past several weeks.Denison Mines (TSX: DML) last week announced the start of construction of its Phoenix mine, Canada’s first in-situ recovery operation for the nuclear fuel. Last month, Paladin Energy (TSX, ASX: PDN) received environmental impact statement approval from the Saskatchewan for its Patterson Lake South project.All three projects would rank in the top five largest operations in the Athabasca basin by reserve size if they become producing mines.$6.3B valueNexGen shares fell 3% to C$16.77 apiece on Thursday afternoon in Toronto amid a broad market decline, valuing the company at C$10.1 billion.In a uranium spot price case of $95 per lb., Rook I has a net present value (at an 8% discount) of C$6.32 billion and an internal rate of return of 45%. The Arrow deposit hosts probable reserves of 4.57 million tonnes grading 2.37% U3O8 for 240 million lb. of U3O8.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com