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.
Production
2025 Q1 Update
- Production
Production on a 100% basis was 1.1 million pounds for the quarter, compared to 1.6 million pounds in the same period last year due to the unplanned, temporary production suspension in January 2025.
On December 31, 2024, we were unexpectedly informed that Kazatomprom, 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 updated Project for Uranium Deposit Development documentation. When the extension had not yet been granted at 2024 year-end as expected, Kazatomprom 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.
Cameco and Kazatomprom have worked with JV Inkai to update the operation’s mine plan and budget to adjust for the January 2025 production suspension. JV Inkai is now targeting 2025 production of 8.3 million pounds (100% basis) of which our purchase allocation is 3.7 million pounds. The temporary suspension did not have a material impact on our 2025 outlook. The achievement of JV Inkai’s 2025 production target requires it to successfully manage several ongoing risks, including issues of availability of sulfuric acid, other procurement and supply chain issues, transportation challenges, construction delays and inflationary pressures on its production costs.
- Delivery Schedule
Due to equity accounting, our share of production is shown as a purchase at a 5% discount to the spot price and included in inventory at this value at the time of delivery. The delivery schedule for our share of 2025 production is being updated based on the new production schedule. We do not expect to receive any deliveries from JV Inkai until at least the second half of 2025. Our share of the profits earned by JV Inkai on the sale of its production to the joint venture partners is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings. Excess cash, net of working capital requirements, is distributed to the partners as dividends once declared.
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 utilize. 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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