Idemitsu has been undertaking exploration and development activities of uranium in Canada since 1982. Uranium is regarded as an important player in energy industry, particularly for power generation. Idemitsu owns 7.875% equity of the Cigar Lake Joint Venture that is constructing the mine at Athabasca Basin in northern Saskatchewan. The Cigar Lake uranium deposit is one of the highest grade and largest uranium reserves in the world. The Cigar Lake Joint Venture is aiming for an early start of production and is also conducting further exploration in the vicinity of the mine. In addition, Idemitsu is searching worldwide for potential uranium projects that follow the Cigar Lake project.
Cigar Lake Joint Venture Partnership
- Idemitsu Canada Resources Ltd., 7.875%
- Cameco Corporation (mine operator), 50.025%
- AREVA Resources Canada Inc., 37.100%
- TEPCO Resources Inc., 5.000%
