Earlier in October in 2012, Cameco had secured an approval for the Kintyre mine development from the native Martu people to develop the project.
The company quoted unfavorable market economics as the primary factor for the decision.
According to the company, timelines of its projects would change with improved conditions in the market, reported miningweekly.com.
"Based on our review of the current market environment, we will complete the value engineering and the environmental permitting in order to maintain the ability to proceed with the project should the market factors improve the economics," the company said.
Cameco further revealed that the company will focus on execution and maximize efficiencies to improve margins to ensure competitiveness.
The company is set to reduce costs and cut expenditures for exploration and research and development.
