Inkai
- Inkai is owned 40% by Cameco and 60% by Kazatomprom, which is majority-owned by the Kazakh government.
- Tapping into the vast uranium potential of Kazakhstan, Joint Venture Inkai LLP operates the in situ recovery mine.
- The ISO 14001 and BSI OHSAS 18001 certified facility follows western standards for worker safety and environmental protection since it began operations in 2008.
- Inkai has produced 106.4 million packaged pounds from 2009 to 2025.
Production
2025 Q4 Update
- Production
Total production from JV Inkai in 2025 was 8.4 million pounds (3.7 million pounds our share) compared to 7.8 million pounds (3.6 million pounds our share) in 2024.
During 2025, we received shipments containing the remainder of our share of 2024 production, about 0.9 million pounds, and the entire 3.7 million pounds of our share of Inkai’s 2025 production.
On December 31, 2024, we were unexpectedly informed that KAP, as majority owner and controlling partner of the joint venture, had directed JV Inkai to suspend production activity as of January 1, 2025. The suspension was implemented pending approval by Kazakhstan’s Ministry of Energy of an extension to submit an updated Project for Uranium Deposit Development documentation. When the extension had not yet been granted at 2024 year-end as expected, KAP made the decision to halt production in order to avoid potential violation of Kazakhstan legislation. The extension was approved and JV Inkai resumed production on January 23, 2025. Subsequently, Inkai adjusted its mining plan and successfully managed its production, reaching the target of 8.4 million pounds in 2025.
- Delivery Schedule
The geopolitical situation continues to cause transportation risks in the region. We could continue to experience delays in our expected Inkai deliveries. To mitigate this risk, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on. Depending on when we receive shipments of our share of Inkai’s production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted.
Environment & Safety
Worker safety, environmental monitoring and proper decommissioning after project completion are of the utmost importance to Cameco.
Reserves & Resources
Our mineral reserves and resources are the foundation of our company and fundamental to our success.
Caution about Forward-Looking Information
This page may contain forward-looking information that is based upon the assumptions and subject to the material risks discussed on page 2 of Cameco's most recent Quarterly MD&A.
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