McArthur River/Key Lake

  • McArthur River/Key Lake, located in northern Saskatchewan, Canada is the world's largest high-grade uranium operation.
  • In July, 2018, due to prolonged market weakness, the operation was placed into safe and sustainable care and maintenance.
  • 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, 2020)
McArthur River Reserves(As of December 31, 2020)

2021 Q2 Update


There was no production in the second quarter as a result of the planned production suspension that began in February 2018 and continues for an indeterminate duration due to continued weakness in the uranium market. The operation remains in a safe state of care and maintenance. A restart of the mine and mill is a commercial decision that will be based upon our success in signing acceptable new long-term contracts that will baseload our share of production from this operation and our confidence that market conditions will allow us to benefit from the favourable life-of-mine economics it provides.

Our share of the cash and non-cash costs to maintain both operations during the suspension is expected to range between $8 million and $10 million per month.

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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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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.