Cameco (CCJ), one of the world's largest uranium producers, has delayed the start of production at its Cigar Lake uranium mining project in northern Saskatchewan (Canada) from late 2013 to the first quarter of 2014. Required mill modifications by Areva will delay the start of uranium ore processing to the second quarter of 2014. The Cigar Lake project is owned by Cameco (50.025%), AREVA (37.1%), Idemitsu Canada Resources (7.875%) and TEPCO Resources (5.0%) and is operated by Cameco. Ore from Cigar Lake will be processed at the McClean Lake mill, which is majority owned and operated by Areva Resources Canada. As a result of these developments, Cameco will not meet its forecast production of 300,000 pounds U3O8 from Cigar Lake during 2013. Cameco plans to revise its five-year production forecast as part of its annual reporting for 2013 when further progress on commissioning of the mine and mill is made. Cost estimates was already revised upward in early August 2013, when the cost forecasts increased by 15%-25% above the previous C$1.1bn estimate (US$1.06bn).