McArthur/Key Lake

  • McArthur River/Key Lake, located in northern Saskatchewan, Canada is the world's largest high-grade uranium operation.
  • In service since 1999 and 1983 respectively, Cameco operates the ISO 14001 certified locations, which have collectively produced 535 million lbs using a variety of mining methods.

McArthur River Video

Key Lake Video

Operation(As of December 31, 2017)
Cameco ownership, McArthur River (70%), Key Lake (83%)
1080 McArthur River Key Lake Employees in 2017
Production(As of December 31, 2017)
Average grade of 9.6% U3O8 for McArthur River Key Lake
Licenced to 2023
11.2 million pounds of U3O8 Annual Production Trend in 2017

2018 Q1 Update

Production

Production was 97% lower for the first quarter compared to the same period in 2017 as a result of the planned production suspension beginning in February.

McArthur River/Key Lake Production

Cameco's Share (million lbs)

3 months ended
March 31
   
2018 2017 Change 2018 Plan
0.1 3.6 (97)% 0.1
 

Production Suspension

Due to continued uranium price weakness, and in accordance with our announcement at the end of 2017, we have temporarily suspended production. During January 2018, activities at the mine and mill were focused on putting the operation into a state of safe care and maintenance. As a result of the suspension, and the time required to restart the mine and mill, we do not expect any additional production from the operation in 2018.

Our share of the cost to maintain both operations during the suspension is expected to range between $6.5 million and $7.5 million per month.

Collective Agreement

The collective agreement with the United Steelworkers local 8914 expired in December 2017, and the collective bargaining process has begun. There is a risk to the restart of operations after the production suspension if we are unable to reach agreement and there is a labour dispute.

See full Quarterly Report

Environment & Safety

Worker safety, environmental monitoring and proper decommissioning, after mining is completed, are of the utmost importance to Cameco.

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Reserves & Resources

Our mineral reserves and resources are the foundation of our company and fundamental to our success.

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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.