Business Overview
Cameco is a pure-play nuclear company with a proven track record and the strengths to take advantage of the world's rising demand for safe, clean and reliable energy. We are one of the world's largest uranium producers with assets on three continents. Our operations and investments span the nuclear fuel cycle from exploration to fuel manufacturing.
Cigar Lake
2016 Production
8.7m lbs
Location
Northern Saskatchewan, Canada
Ownership
50%, operator
Overview
Cigar Lake is the world's second largest high-grade uranium deposit, with grades that are 100 times the world average. The mine started operation in 2014, and is one of our three material properties. The operation is expected to produce 9 million lbs (our share) of uranium annually at full production.
McArthur River/Key Lake
2016 Production
12.6m lbs
Location
Northern Saskatchewan, Canada
Ownership
70%, operator
Overview
McArthur River is the world's largest, high-grade uranium mine, and Key Lake is the largest uranium mill in the world. Ore grades at the McArthur River mine are 100 times the world average, which means it can produce more than 18 million pounds per year by mining only 150 to 200 tonnes of ore per day. McArthur River is one of our three material uranium properties.
Rabbit Lake
2016 Production
1.1m lbs
Location
Northern Saskatchewan, Canada
Ownership
100%, operator
Overview
Given the continued depressed market conditions in the near term, on April 21, 2016 we announced suspension of production at our Rabbit Lake operation and transition of the facilities into care and maintenance.
A workforce of about 120 people remain on site to maintain the facilities and sustain environmental monitoring and reclamation activities. The Rabbit Lake operation, which opened in 1975, produced more than 203 million lbs.
Inkai
2016 Production
3.4m lbs
Location
Kazakhstan
Ownership
60%
Overview
Inkai is a joint venture that gives us access to a significant uranium deposit located in Kazakhstan. There are two production areas (blocks 1 and 2) and an exploration area (block 3). The operator is Joint Venture Inkai Limited Liability Partnership, which we jointly own (60%) with Kazatomprom (40%). Inkai is one of our three material uranium properties.
US Operations
2016 Production
1.2m lbs
Location
Smith Ranch-Highland - Wyoming, US
Crow Butte - Nebraska, US
Ownership
100%, operator
Overview
In light of continued depressed market conditions, production has been curtailed at Cameco Resources’ US ISR operations by deferring all wellfield development. Due to the nature of ISR mining and our wellfield restoration requirements, we expect production in the US to decrease over time as head grades decline.
Our US operations at Crow Butte and Smith Ranch-Highland are long-established in situ recovery operations. We operate Smith Ranch and Highland as a combined operation, making it the largest uranium production facility in the US. Each has its own processing facility, but the Smith Ranch central plant currently processes all the uranium, including uranium from satellite facilities. Crow Butte began production in 1991 and was the first uranium mine in Nebraska.
Millennium
Project under
evaluation
Location
Northern Saskatchewan, Canada
Ownership
70%, operator
Overview
Millennium is a uranium deposit that could be mined in the future. It has been delineated through geophysical survey and drilling work.
Kintyre
Project under
evaluation
Location
Western Australia
Ownership
70%, operator
Overview
Kintyre is an advanced uranium exploration project in Western Australia that is amenable to open pit mining techniques. We acquired the project in 2008 and are the operator.
Yeelirrie
Project under
evaluation
Location
Western Australia
Ownership
100%, operator
Overview
Yeelirrie is a near-surface calcrete-style deposit that is amenable to open pit mining techniques and is one of Australia's largest undeveloped uranium deposits. We acquired this project at the end of 2012.
Fuel Services Division
2016 Production
8.4m kgU
Location
Blind River Refinery, Port Hope Conversion Facility, Cameco Fuel Manufacturing
Ownership
100%
Overview
Cameco's fuel services division consists of three processing segments. The world's largest refinery, located in Blind River, processes uranium concentrates into high-purity uranium trioxide (UO3), the feedstock for Cameco's conversion facility in Port Hope. The Port Hope conversion facility is one of only four commercial suppliers in the western world of uranium hexafluoride (UF6), which is exported internationally to be enriched for use in light water reactors. It is also the world's only commercial supplier of natural uranium dioxide (UO2) used in Candu reactors. Cameco Fuel Manufacturing, located in Port Hope and Cobourg, is the largest Canadian-based supplier of components for CANDU reactors.
NUKEM
2016 Sales
7.1m lbs
Location
Alzenau, Germany (Headquarters, NUKEM GmbH)
Connecticut, US (subsidiary, NUKEM Inc.)
Ownership
100%
Overview
NUKEM is one of the world’s leading traders of uranium concentrates and uranium processing services, which we acquired in 2013. NUKEM’s activities provide a source of profit and give us insight into market dynamics.
NUKEM buys and sells uranium in the form of U3O8, uranium hexafluoride (UF6) and enriched uranium product (EUP), which are the "commoditized" forms of uranium used to make fuel for commercial nuclear reactors.
NUKEM’s main customers are commercial nuclear power plants using enriched uranium fuel, typically large utilities that are either government-owned, or large-scale utilities with multi billion-dollar market capitalizations and strong credit ratings. NUKEM also trades with converters, enrichers, other traders and investors. It has uranium and uranium-related products under contract until 2022.
Extraordinary Reserves and Resources
Mineral reserves and resources are the foundation of our company and fundamental to our success. We have interests in uranium properties around the globe.