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.
2018 Q2 Update
There was no production in the second quarter as a result of the planned 10-month production suspension that began in February.
Due to continued weakness in the uranium market, we have made the decision to extend the suspension for an indeterminate duration. This action will result in the permanent layoff of approximately 550 employees, including those currently on temporary layoff.
A reduced workforce of approximately 200 employees will remain at the operations to keep the facilities in a state of safe care and maintenance.
We will incur about $30 million to $35 million in severance costs in the third quarter as a result of the permanent layoffs. Our share of the cost to maintain both operations during the suspension is expected to range between $5 million and $6 million per month (previously $6.5 million to $7.5 million per month) once the permanent layoffs take effect.
McArthur River/Key Lake Production
Cameco's Share (million lbs)
|3 months ended
|Six months ended
Environment & Safety
Worker safety, environmental monitoring and proper decommissioning, after mining is completed, 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.