Cameco revises 2023 Canadian production forecast


In what it describes as an "unplanned event", the company has revised downwards this year’s expected production for its Canadian uranium mining operations, citing equipment reliability issues at Cigar Lake and continued uncertainty over planned production at Key Lake as it ramps up after a lengthy period in care and maintenance. Underground tunnels at Cigar Lake (Image: Cameco) Cigar Lake is now expected to produce up to 16.3 million pounds U3O8 (6270 tU) this year, down from 18 million pounds U3O8. Production from the McArthur River/Key Lake operations for 2023 is expected to be 14 million pounds U3O8, down from the previous forecast of 15 million pounds U3O8. These figures are on a 100% basis.

"As previously reported, mining activities at the Cigar Lake operation were initiated from a new zone in the orebody (west pod) in the second quarter of this year, which impacted productivity," the company said […]

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