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 Q3 Update

Production

There was no production in the third quarter as a result of the planned production suspension that began in February 2018 and continues for an indeterminate duration due to the strategic decisions we have taken. 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.

We continue to advance innovation opportunities/projects at the McArthur River mine and Key Lake mill to focus on improvement of the mine and mill through application of automation, digitization and optimization. We expect to continue to advance the critical projects.

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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.