Business Overview

We are a pure-play investment in the growing demand for nuclear energy. We are focused on providing nuclear fuel products and services across the fuel cycle to support the generation of clean, reliable, secure and affordable energy.

With assets on three continents, we are one of the world's largest uranium producers. We believe we have the right mix of abundant material, operational reliability and flexibility, as well as favourable geopolitical origins, to fulfill utilities' increasing needs for uranium fuel.

Tier-one operations - Cigar Lake

...

2023 Production

8.2m lbs

(our share)

Location

Northern Saskatchewan, Canada

Ownership

54.547%, operator

Overview

Cigar Lake is the world's second largest high-grade uranium deposit. The mine began operation in 2014, and is one of our three material properties.

Read more

Tier-one operations - McArthur River/Key Lake

...

2023 Production

9.4m lbs

(our share)

Location

Northern Saskatchewan, Canada

Ownership

70%, operator

Overview

McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. The high ore grades at the McArthur River mine means it can produce more than 18 million pounds per year by mining about 300 to 400 tonnes of ore per day. We are the operator of both the mine and mill. McArthur River is considered a material uranium property for us.

On February 9, 2022, Cameco announced the beginning of transition from care and maintenance to production at the McArthur River/Key Lake operation. Ramp up activities were initiated in 2022 and continue in 2023 to achieve the planned annual production of 15 million pounds (100% basis) in 2023 and 18 million pounds (100% basis) in 2024.

Read more

Tier-one operations - Inkai

...

2023 Production

8.3m lbs

(100% basis)

Location

Kazakhstan

Ownership

40%

Overview

Inkai is a very significant uranium deposit, located in Kazakhstan. The operator is joint venture Inkai limited liability partnership, which we jointly own (40%) with Kazatomprom (60%). Our investment is equity accounted, therefore our share of production is shown as a purchase. Inkai is considered a material uranium property for us.

Read more

Fuel Services Division

...

2023 Production

13.3m 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:

Our Blind River Refinery, the world's largest uranium refinery, 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.

Read more

Tier-two suspended operation - Rabbit Lake

...

Care and

maintenance

Location

Northern Saskatchewan, Canada

Ownership

100%, operator

Overview

Located in Saskatchewan, Canada, our 100% owned Rabbit Lake operation, which opened in 1975, is the longest operating uranium production facility in North America, and the second largest uranium mill in the world. Over its forty-one year operation, Rabbit Lake produced more than 203 million lbs.

Due to market conditions, we suspended production at Rabbit Lake during the second quarter of 2016. A workforce of about 120 people remain on site to maintain the facilities and continue environmental monitoring and reclamation activities.

Read more

Tier-two suspended - US Operations

...

Curtailed

production

Location

Smith Ranch-Highland - Wyoming, US
Crow Butte - Nebraska, US

Ownership

100%, operator

Overview

Our US operations at Crow Butte and Smith Ranch-Highland are long-established in situ recovery operations.

Due to market conditions, we curtailed production and deferred all wellfield development at these operations during the second quarter of 2016.

Read more

Millennium

...

Advanced

project

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.

All work at our advanced projects has been scaled back and will continue at a pace aligned with market signals.

Read more

Kintyre

...

Advanced

project

Location

Western Australia

Ownership

100%, 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.

All work at our advanced projects has been scaled back and will continue at a pace aligned with market signals.

Read more

Yeelirrie

...

Advanced

project

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.

All work at our advanced projects has been scaled back and will continue at a pace aligned with market signals.

Read more