Fuel Services
Learn how uranium is mined, milled and processed at Cameco
In Uranium Part 2 - watch how uranium is turned into fuel at our fuel manufacturing facilities in Ontario.
Watch Uranium Part 1 - mining and milling
Video courtesy of How It's Made, a Discovery Communications, Science Channel program
Cameco is a prominent supplier of uranium processing services required to produce fuel for the generation of clean electricity. We operate the world's largest commercial refinery in Blind River, have about 21% of the world UF6 primary conversion capacity in Port Hope, and are a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at our facilities in Port Hope and Cobourg.
Our focus is on cost-competitiveness and operational efficiency. Our fuel services segment is strategically important because it helps support the growth of the uranium segment. Offering a range of products and services to customers helps us broaden our business relationships and expand our uranium market share.
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2024 Q1 Update
Production
Fuel services produced 3.7 million kgU in the first quarter of 2024, 10% lower than the first quarter last year primarily due to temporary operational issues in one of the processing circuits, which have been resolved.
In our fuel services segment, which includes the production of UO2, UF6 and heavy water reactor fuel bundles, we expect to produce between 13.5 million and 14.5 million kgU of combined fuel services products in 2024 (outlook and production results are not disclosed by individual product line). This includes increasing annual production at the Port Hope UF6 conversion facility to 12,000 tonnes per year to satisfy our book of long-term commitments and demand for conversion services. However, inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or experience production delays and increased costs.
Labour relations
The collective agreement with unionized employees at our fuel manufacturing operations in Port Hope and Cobourg expires in June 2024. During past negotiations, work has continued under the terms of the expired collective agreement while negotiations to reach a new agreement proceeded. There is a risk to the production plan if we are unable to reach an agreement and there is a labour dispute.
Refining
Cameco's Blind River operation is the world's largest uranium refinery producing an intermediate product in the nuclear fuel cycle.
Conversion
The Port Hope Conversion Facility provides uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion services for nuclear operators around the world.
Fuel Manufacturing
Cameco Fuel Manufacturing produces fuel bundles for CANDU reactors and also provides reactor components and consulting services to CANDU operators around the world.