Denison Mines Corp. has greenlit the development of a new uranium mine in northern Saskatchewan following approvals from its board of directors, the national nuclear regulator, and local communities. The proposed Phoenix mine at Wheeler River in the Athabasca Basin, situated in Treaty 10 territory, is positioned to be Canada’s first uranium mine constructed in decades, with initial capital costs projected at $600 million.
The company’s board recently made the crucial “final investment decision” to kick off site preparation and construction activities at the Phoenix mine starting in March. Denison Mines, headquartered in Toronto, obtained a license from the Canadian Nuclear Safety Commission for site preparation and construction, with another license required for operational activities post-construction.
Expected to commence production in 2028, Denison Mines CEO David Cates highlighted the scarcity of new large-scale uranium mines globally, positioning the company uniquely among its peers. With plans to operate the mine for a decade, Denison estimates holding 56.7 million pounds of proven and probable uranium reserves for the Phoenix project.
Before the hearings, Denison Mines secured impact benefit agreements with various indigenous groups, including English River First Nation, the Metis Nation—Saskatchewan, and Ya’thi Néné Lands and Resources, representing multiple First Nations and communities in the Athabasca Basin. These agreements typically encompass employment guarantees, training opportunities, support for local businesses, and financial benefits.
While some communities, such as Birch Narrows Dene Nation and Peter Ballantyne Cree Nation, have not endorsed the project and even engaged in legal disputes, Denison Mines pledges ongoing engagement with all stakeholders. The company’s commitment to indigenous consultation extends beyond project approval, emphasizing continuous engagement throughout the mine’s operational lifespan.
In a broader context, Denison Mines is one of the companies eyeing uranium production in Saskatchewan, alongside Cameco Corp. and Vancouver-based NexGen Energy Ltd. The latter is awaiting a construction license decision for its Rook I project, an underground uranium mine also located in the Athabasca Basin. Cameco’s Cigar Lake mine, approved in 2005, stands as the most recent uranium mine development in Saskatchewan.