Cameco restarts Canadian uranium operation

Cameco has announced plans to restart uranium production at McArthur River/Key Lake, idled since 2018. The company plans to ramp up production at the operation in northern Saskatchewan to produce 15 million pounds U3O8 (5770 tU) per year starting in 2024, but aims to maintain "supply discipline", reducing production at Cigar Lake to 25% below its licensed capacity. McArthur River (Image: Cameco)

"We see a market where fundamentals are shifting in our favour," Cameco President and CEO Tim Gitzel told investors in the company’s conference call. Cameco’s planned and unplanned production cuts, inventory reduction and market purchases, have since 2016 removed more than 190 million pounds U3O8 from the spot market, he said. The company has added 70 million pounds of long-term contracts to its portfolio since the start of 2021.

Coupled with increasing recognition around the world that nuclear energy will play a key role in achieving decarbonisation goals, it […]

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