Business Overview
We are a pure-play nuclear fuel company, focused on providing a clean source of energy, and taking advantage of the long-term growth we see coming in our industry. The impact of growing electricity demand on the world’s climate requires nuclear energy to be a central part of the solution to the world’s shift to a low-carbon, climate resilient economy. It is an option that can provide the power needed, not only reliably, but also safely and affordably, and in a way that will help avoid some of the worst consequences of climate change.
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.
Tier-one operations - Cigar Lake
2020 Production
5.0m 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 began operation in 2014, and is one of our three material properties. As expected, now at full production, the operation is producing 9 million lbs (our share) of uranium annually.
Tier-one operations - Inkai
2020 Production
7.0m lbs
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%). Inkai is considered a material uranium property for us.
Tier-one suspended operation - McArthur River/Key Lake
Care and
maintenance
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. 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 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.
In 2018, a decision was made to suspend production and place the mine and mill in care and maintenance, which will continue for an indeterminate duration.
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 sustain environmental monitoring and reclamation activities.
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.
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.
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.
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.
Fuel Services Division
2020 Production
11.7m 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.
Extraordinary Reserves and Resources
Mineral reserves and resources are the foundation of our company and fundamental to our success and we have interests in uranium properties around the globe.