Business Overview
We are a pure-play investment in the growing demand for nuclear energy. We are focused on providing nuclear fuel products and services across the fuel cycle to support the generation of clean, reliable, secure and affordable energy.
With assets on three continents, we are one of the world's largest uranium producers. We believe we have the right mix of abundant material, operational reliability and flexibility, as well as favourable geopolitical origins, to fulfill utilities' increasing needs for uranium fuel.
Tier-one operations - Cigar Lake
2023 Production
8.2m lbs
Location
Northern Saskatchewan, Canada
Ownership
54.547%, operator
Overview
Cigar Lake is the world's second largest high-grade uranium deposit. The mine began operation in 2014, and is one of our three material properties.
Tier-one operations - McArthur River/Key Lake
2023 Production
9.4m lbs
Location
Northern Saskatchewan, Canada
Ownership
70%, operator
Overview
McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. The high ore grades at the McArthur River mine means it can produce more than 18 million pounds per year by mining about 300 to 400 tonnes of ore per day. We are the operator of both the mine and mill. McArthur River is considered a material uranium property for us.
On February 9, 2022, Cameco announced the beginning of transition from care and maintenance to production at the McArthur River/Key Lake operation. Ramp up activities were initiated in 2022 and continued in 2023 to achieve the planned annual production of 15 million pounds (100% basis) in 2023 and 18 million pounds (100% basis) in 2024.
Tier-one operations - Inkai
2023 Production
8.3m lbs
Location
Kazakhstan
Ownership
40%
Overview
Inkai is a very significant uranium deposit, located in Kazakhstan. The operator is joint venture Inkai limited liability partnership, which we jointly own (40%) with Kazatomprom (60%). Our investment is equity accounted, therefore our share of production is shown as a purchase. Inkai is considered a material uranium property for us.
Fuel Services Division
2023 Production
13.3m kgU
Location
Blind River Refinery, Port Hope Conversion Facility, Cameco Fuel Manufacturing
Ownership
100%
Overview
Cameco's fuel services division consists of three processing segments:
Our Blind River Refinery, the world's largest uranium refinery, processes uranium concentrates into high-purity uranium trioxide (UO3), the feedstock for Cameco's conversion facility in Port Hope.
The Port Hope Conversion Facility is one of only four commercial suppliers in the western world of uranium hexafluoride (UF6), which is exported internationally to be enriched for use in light water reactors. It is also the world's only commercial supplier of natural uranium dioxide (UO2) used in CANDU reactors.
Cameco Fuel Manufacturing, located in Port Hope and Cobourg, is the largest Canadian-based supplier of components for CANDU reactors.
Tier-two suspended operation - Rabbit Lake
Care and
maintenance
Location
Northern Saskatchewan, Canada
Ownership
100%, operator
Overview
Located in Saskatchewan, Canada, our 100% owned Rabbit Lake operation, which opened in 1975, is the longest operating uranium production facility in North America, and the second largest uranium mill in the world. Over its forty-one year operation, Rabbit Lake produced more than 203 million lbs.
Due to market conditions, we suspended production at Rabbit Lake during the second quarter of 2016. A workforce of about 120 people remain on site to maintain the facilities and continue environmental monitoring and reclamation activities.
Tier-two suspended - US Operations
Curtailed
production
Location
Smith Ranch-Highland - Wyoming, US
Crow Butte - Nebraska, US
Ownership
100%, operator
Overview
Our US operations at Crow Butte and Smith Ranch-Highland are long-established in situ recovery operations.
Due to market conditions, we curtailed production and deferred all wellfield development at these operations during the second quarter of 2016.
Millennium
Advanced
project
Location
Northern Saskatchewan, Canada
Ownership
70%, operator
Overview
Millennium is a uranium deposit that could be mined in the future. It has been delineated through geophysical survey and drilling work.
All work at our advanced projects has been scaled back and will continue at a pace aligned with market signals.
Kintyre
Advanced
project
Location
Western Australia
Ownership
100%, operator
Overview
Kintyre is an advanced uranium exploration project in Western Australia that is amenable to open pit mining techniques. We acquired the project in 2008 and are the operator.
All work at our advanced projects has been scaled back and will continue at a pace aligned with market signals.
Yeelirrie
Advanced
project
Location
Western Australia
Ownership
100%, operator
Overview
Yeelirrie is a near-surface calcrete-style deposit that is amenable to open pit mining techniques and is one of Australia's largest undeveloped uranium deposits. We acquired this project at the end of 2012.
All work at our advanced projects has been scaled back and will continue at a pace aligned with market signals.