Denison takes FID on Phoenix uranium mine, construction to start in March
Canadian miner Denison Mines has taken a final investment decision (FID) to proceed with construction of the C$600-million Phoenix in-situ recovery (ISR) uranium mine, with site preparation and construction activities scheduled to begin next month.
The Phoenix mine will produce about six-million pounds a year of uranium oxide and forms part of the Wheeler River project, in the eastern Athabasca basin, Saskatchewan.
“Making an FID and the upcoming initiation of construction activities at Phoenix mark the beginning of a new era in Denison's history and the Canadian uranium mining sector," said president and CEO David Cates on Wednesday, announcing the FID.
"Our teams have worked diligently over the last several years to bring Phoenix to a construction-ready state, obtain provincial and federal approvals, procure long-lead materials, and secure financing to be in a position to make this landmark decision and commence construction of the first new large-scale Canadian uranium mine in over two decades."
Construction is expected to take about two years, with first production targeted for mid-2028. This, Cates said, would ultimately position Denison as one of the few uranium suppliers globally which would be able to provide a sizeable new source of uranium production before the end of the decade.
Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca basin. It hosts the high-grade Phoenix and Gryphon deposits and is a joint venture between Denison, which holds 90% and is operator, and JCU (Canada) Exploration Company Limited, which holds 10%.
Permitting for the planned Phoenix ISR operation began in 2019. The project’s environmental assessment was approved by the province of Saskatchewan in July 2025, followed by federal approval and the granting of a licence to prepare site and construct by the Canadian Nuclear Safety Commission in February this year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Latest Multimedia
Latest News
Showroom
The Aluminium Federation of South Africa (AFSA), is the voice of the South African aluminium industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
