We are a pure-play nuclear fuel supplier, focused on taking advantage of the long-term growth we see coming in our industry, while maintaining the ability to respond to market conditions as they evolve. Our strategy is to focus on our tier-one assets and profitably produce at a pace aligned with market signals in order to increase long-term shareholder value, and to do that with an emphasis on safety, people and the environment.

In light of today’s oversupplied market and the lingering uncertainty as to how long the weak market conditions will persist, we are focusing our resources on our lowest cost assets, on maintaining a strong balance sheet, and on efficiently managing the company in a low price environment. This approach provides us with the opportunity to meet rising demand with increased production from our best margin assets, and helps to mitigate risk during a prolonged period of uncertainty.

We plan to:

  • ensure continued safe, reliable, low-cost production from our tier-one assets – McArthur River/Key Lake, Cigar Lake and Inkai
  • complete ramp up of production at Cigar Lake
  • continue to evaluate all sources of supply and supply expansion opportunities in our portfolio, in order to retain the flexibility to respond to market signals and take advantage of value adding opportunities
  • focus on maximizing margins through cost management, productivity improvements, and supply discipline


Uranium production is central to our strategy, as it is the biggest value driver of the nuclear fuel cycle and our business. We are focussed on our tier-one assets and managing supply according to market conditions to return the best value possible. Consistent with this focus, we have curtailed production at higher-cost operations and continue to strategically reduce costs and increase efficiency throughout the company. As markets improve, we expect to meet rising demand with increased production from our best margin operations.

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Fuel services

Our fuel services division is a source of profit and supports our uranium segment while allowing us to vertically integrate across the fuel cycle. Our focus is on maintaining and optimizing profitability.

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We continue to explore opportunities in the second largest value driver of the fuel cycle.

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NUKEM’s activities provide a source of profit and gives us insight into market dynamics.

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CEO's Corner

Each quarter, Cameco's president and CEO, Tim Gitzel, provides his perspectives on the uranium fuel industry and our company's performance.

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Supply & Demand

Long-term outlook for the uranium industry remains positive, despite current market uncertainty.  

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Caution about Forward-Looking Information

Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.