McArthur River/Key Lake

  • McArthur River/Key Lake, located in northern Saskatchewan, Canada is the world's largest high-grade uranium operation.
  • Due to continued market weakness, in July 2018, Cameco made the decision to extend the planned 10-month production suspension of this operation for an indeterminate duration.
  • 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.
Operation(As of December 31, 2017)
Cameco ownership, McArthur River (70%), Key Lake (83%)
Licenced to 2023
Production(As of December 31, 2017)
Average grade of 9.6% U3O8 for McArthur River Key Lake

2018 Q3 Update


There was no production in the third quarter as a result of the planned production suspension that began in February and continues for an indeterminate duration, as announced on July 25, 2018, due to continued weakness in the uranium market.

The production suspension resulted in the permanent layoff of approximately 520 employees, including those currently on temporary layoff. A reduced workforce of approximately 200 employees remains at the operations to keep the facilities in a state of safe care and maintenance.

We incurred approximately $27 million in severance costs in the third quarter as a result of the permanent layoffs. Our share of the cash and non-cash costs to maintain both operations during the suspension is expected to range between $7 million and $9 million per month (previously between $5 million and $6 million because non-cash costs were not included) once the permanent layoffs take effect.

McArthur River/Key Lake Production

Cameco's Share (million lbs)

3 months ended
September 30
  9 months ended
September 30
2018 2017 Change 2018 2017 Change 2018 Plan
- 0.6 (100)% 0.1 7.8 (99)% 0.1

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.