McArthur River/Key Lake

  • McArthur River/Key Lake, located in northern Saskatchewan, Canada, are the world's largest high-grade uranium mine and mill.
  • 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.
  • After being held in safe care and maintenance since 2018, on February 9, 2022 Cameco announced plans for the operation’s gradual return to production, which was
    achieved on November 9, 2022.
Operation(As of December 31, 2022)
McArthur River Reserves(As of December 31, 2022)
Reserves & Resources Read More ›

2023 Q1 Update

Production

McArthur River Production

Cameco's Share (million lbs)

Three months ended
March 31, 2023		    
2023 2022 Change 2023 Plan
2.4 - n/a 10.5

In the first quarter of 2023, total packaged production from McArthur River and Key Lake was 3.4 million pounds (2.4 million pounds our share). The McArthur River and Key Lake operation was in a state of safe care and maintenance from 2018 through 2021 due to weak market conditions. The operation began transitioning back to production through the first three quarters of 2022, with no packaged pounds until the fourth quarter.

We continue to plan for production of 15 million pounds (our share approximately 10.5 million pounds) in 2023 and 18 million pounds (approximately 12.6 million pounds our share) in 2024.

Collective Agreement

The collective agreement with the United Steelworkers Local 8914 expired in December 2022, and negotiations to reach a new agreement have begun. As in the past, work continues under the terms of the expired collective agreement while negotiations proceed. There is a risk to the production plan if we are unable to reach an agreement and there is a labour disruption.

Relicensing

The current operating licences from the Canadian Nuclear Safety Commission (CNSC) for both Key Lake and McArthur River expire in October 2023. The relicensing process is under way, and we expect a decision from the CNSC later in 2023. We do not expect any disruption to operations or significant risks from this process.

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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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  • Key Lake is the world’s largest high-grade uranium mill.  
  • Routine water sampling is part of a rigorous environmental monitoring program in place at each operation. 
  • McArthur River high-grade ore arrives as a slurry in special totes after being trucked 80 kilometres south to the Key Lake mill.  
  • McArthur River is the world’s largest high-grade uranium mine.  
  • Underground at McArthur River, 'snowmen' circulate a brine that keeps the porous rock surrounding the orebody frozen. 
  • Mining at McArthur River takes place between 530 and 640 meters below surface.  
  • Numerous tests to measure radiation are part of a rigorous monitoring program in place at each operation. 

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.