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.
2021 Q3 Update
Production
Production on a 100% basis was 2.5 million pounds for the quarter and 6.7 million pounds for the first nine months of the year, compared to 1.6 million pounds and 5.1 million pounds in the same periods last year.
Based on an adjustment to the production purchase entitlement under the 2016 JV Inkai restructuring agreement, we are entitled to purchase 5.3 million pounds, or 59.4% of JV Inkai’s updated planned 2021 production of 9.0 million pounds, assuming no production disruptions due to the COVID-19 pandemic or other causes.
Due to equity accounting, our share of production is shown as a purchase at a discount to the spot price and included in inventory at this value at the time of delivery. Our share of the profits earned by JV Inkai on the sale of its production is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings.
Presently, JV Inkai is experiencing some supply chain issues that are impacting wellfield drilling as well as acid supply. While we believe Inkai’s 2021 production is not at risk, these issues could pose a risk to its 2022 production volume.
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.