NexGen Raises Cost of Canadian Uranium Project to $1.6 Billion

NexGen Energy Ltd. raised the cost to build its flagship uranium mine in northern Canada, citing inflationary pressures and engineering expenses in a remote region.

The company’s Rook I project in Saskatchewan will now cost $1.6 billion, up from an earlier estimate of $940 million, NexGen said in a Thursday statement. Rook I is seen as one of the best uranium projects in development, but the company has yet to secure financing to build it.

NexGen is advancing talks with “various prospective financing entities” including commercial lenders, export credit agencies and alternative sources to secure financing for the project, ...