Uranium Week: Upside For Demand And Supply

Uranium Week: Upside For Demand And Supply

Cameco will restart furloughed production, at a slower rate, while European taxonomy has Macron eyeing off a swathe of new reactors.

-Cameco to restart McArthur River
-Macron wants to build 14 reactors
-SPUT piles back into the uranium spot market

Canada’s Cameco reported December quarter earnings last week, and revealed a new “supply discipline”, industry consultant TradeTech reports.The uranium miner’s McArthur River mine and Key Lake Mill, previously furloughed due to weak uranium prices and then covid, will restart production/processing in 2024 targeting 15mlbs annual U3O8 output. However 15mlbs is -40% below licensed capacity.Production at Cameco’s Cigar Lake mine will at the same time be reduced to an annual 13.5mlbs, or -25% below capacity. The net result is group production -33% below capacity.The intention is to extend the life of Cigar Lake, in a time of an unbalanced uranium market, and to postpone the need for new projects in […]

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