Business Overview
We are a pure-play investment in the growing demand for nuclear energy, focused on taking advantage of the growth occurring in our industry.
We have a proven track record of securely and reliably providing nuclear fuel supplies to a global customer base to generate safe, secure, carbon-free and affordable baseload electricity. Our operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, UO2 and UF6 conversion services and CANDU fuel manufacturing for heavy water reactors.
We have further enhanced our ability to meet growing demand with our investment in Westinghouse Electric Company (Westinghouse) which augments our core business and provides fuel fabrication, maintenance, design and engineering for light water reactors. Our investment in Global Laser Enrichment’s third-generation enrichment technology, if successful, will allow us to participate in the entire nuclear fuel value chain.
Tier-one operations - Cigar Lake
2024 Production
9.2m lbs
Location
Northern Saskatchewan, Canada
Ownership
54.547%, operator
Overview
Cigar Lake is the world's second largest high-grade uranium deposit. The mine began operation in 2014, and is one of our three material properties.
Tier-one operations - McArthur River/Key Lake
2024 Production
14.2m lbs
Location
Northern Saskatchewan, Canada
Ownership
70%, operator
Overview
McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. The high ore grades at the McArthur River mine means it can produce more than 18 million pounds per year by mining about 300 to 400 tonnes of ore per day. We are the operator of both the mine and mill. McArthur River is considered a material uranium property for us.
Total packaged production from McArthur River and Key Lake in 2024 was 20.3 million pounds (14.2 million pounds our share), compared to 13.5 million pounds (9.4 million pounds our share) in 2023. This sets both a new annual production record for the Key Lake mill, as well as a new world record for annual production from any uranium mill.
Tier-one operations - Inkai
2024 Production
7.8m lbs
Location
Kazakhstan
Ownership
40%
Overview
Inkai is a very significant uranium deposit, located in Kazakhstan. The operator is joint venture Inkai limited liability partnership, which we jointly own (40%) with Kazatomprom (60%). Our investment is equity accounted, therefore our share of production is shown as a purchase. Inkai is considered a material uranium property for us.
Fuel Services Division
2024 Production
13.4m kgU
Location
Blind River Refinery, Port Hope Conversion Facility, Cameco Fuel Manufacturing
Ownership
100%
Overview
Cameco's fuel services division consists of three processing segments:
Our Blind River Refinery, the world's largest uranium refinery, processes uranium concentrates into high-purity uranium trioxide (UO3), the feedstock for Cameco's conversion facility in Port Hope.
The Port Hope Conversion Facility is one of only four commercial suppliers in the western world of uranium hexafluoride (UF6), which is exported internationally to be enriched for use in light water reactors. It is also the world's only commercial supplier of natural uranium dioxide (UO2) used in CANDU reactors.
Cameco Fuel Manufacturing, located in Port Hope and Cobourg, is the largest Canadian-based supplier of components for CANDU reactors.
Tier-two suspended operation - Rabbit Lake
Care and
maintenance
Location
Northern Saskatchewan, Canada
Ownership
100%, operator
Overview
Located in Saskatchewan, Canada, our 100% owned Rabbit Lake operation, which opened in 1975, is the longest operating uranium production facility in North America, and the second largest uranium mill in the world. Over its forty-one year operation, Rabbit Lake produced approximately 203 million pounds of uranium concentrates.
Due to market conditions, we suspended production at Rabbit Lake during the second quarter of 2016. A workforce of about 120 people remain on site to maintain the facilities and continue environmental monitoring and reclamation activities.
Tier-two suspended - US Operations
Curtailed
production
Location
Smith Ranch-Highland - Wyoming, US
Crow Butte - Nebraska, US
Ownership
100%, operator
Overview
Our US operations at Crow Butte and Smith Ranch-Highland are long-established in situ recovery operations.
Due to market conditions, we curtailed production and deferred all wellfield development at these operations during the second quarter of 2016.
Millennium
Advanced
project
Location
Northern Saskatchewan, Canada
Ownership
70%, operator
Overview
The Millennium deposit was discovered in 2000 and was delineated through geophysical surveys and surface drilling work between 2000 and 2013.
Our advanced projects are part of our project pipeline, and these resources are supportive of growth beyond our existing suite of tier-one and tier-two assets. We plan to advance these projects at a pace aligned with market opportunities.
Kintyre
Advanced
project
Location
Western Australia
Ownership
100%, operator
Overview
Kintyre is an advanced uranium exploration project in Western Australia that is amenable to open pit mining techniques. We acquired the project in 2008 and are the operator.
Our advanced projects are part of our project pipeline, and these resources are supportive of growth beyond our existing suite of tier-one and tier-two assets. We plan to advance these projects at a pace aligned with market opportunities.
Yeelirrie
Advanced
project
Location
Western Australia
Ownership
100%, operator
Overview
Yeelirrie is an advanced project consisting of near-surface calcrete-style deposit that is amenable to open pit mining techniques and is one of Australia's largest undeveloped uranium deposits. We acquired this project at the end of 2012.
Our advanced projects are part of our project pipeline, and these resources are supportive of growth beyond our existing suite of tier-one and tier-two assets. We plan to advance these projects at a pace aligned with market opportunities.
Westinghouse
Strategic
partnership
Location
Corporate Headquarters - Pennsylvania (USA)
Ownership
49%
Overview
On November 7, 2023, we announced the closing of the acquisition of Westinghouse in the form of a limited partnership with Brookfield. Our ownership is equity-accounted.
Westinghouse is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services to commercial nuclear power utilities and government agencies around the world, providing services to approximately 50% of the global nuclear reactor fleet. Its history in the energy industry stretches back over a century, during which time the company became a pioneer in nuclear energy.
Global Laser Enrichment
Strategic
partnership
Location
Wilmington, North Carolina, USA
Ownership
49%
Overview
Global Laser Enrichment LLC (GLE) is the exclusive worldwide licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser uranium enrichment technology (a third-generation enrichment technology). Cameco is the commercial lead for the GLE project with a 49% interest and an option to attain a majority interest of 75%. Silex Systems Ltd. (Silex Systems) is the licensor of the SILEX technology and is the technology lead for the project, currently holding the remaining 51% interest in GLE.