Monsters of Rock: Back by popular demand, one of the world’s largest uranium mines

Monsters of Rock: Back by popular demand, one of the world’s largest uranium mines

Pic: Formation, Beyonce (2016) share

Canadian uranium giant Cameco has announced the biggest shift in uranium supply in several years, revealing plans to stage the recovery of its giant McArthur River mine and Key Lake mill in Canada.

The mine, which previously produced around 12% of the world’s supply of yellowcake, has been on ice since 2018.

Reporting its 2021 results yesterday, Cameco says the Saskatchewan mine will be progressively brought back online in light of improvements in both the spot and term contract markets for uranium.From 25% of its licenced capacity in 2021, when it delivered a net loss of US$103 million, Cameco aims to inch up to 60% by 2024.Despite the promise of all this production coming back online junior uranium miners have been in a buoyant mood today.That’s probably because Cameco is embracing a level of unbridled optimism it hasn’t in years about the state of the nuclear […]

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