Cameco restarts McArthur River mine, Key Lake uranium mill

Cameco (TSX: CCO) announced that the first pounds of uranium ore from the McArthur River mine have now been milled and packaged at the Key Lake mill. This marks the achievement of initial production as these facilities transition back into normal operations.

Production was suspended at McArthur River and Key Lake in January 2018 due to persistent weakness in the global uranium market and remained as such until February 2022.

Cameco says the operations are expected to produce up to 2.0 million lb. of uranium concentrate (100% basis) this year. Starting in 2024, the company plans to produce 15 million lb. of uranium concentrate (100% basis) per year, 40% below their annual licensed capacity, as part of the company’s safety strategy.

“McArthur River and Key Lake are among the best and most prolific uranium assets on the planet, and after building homes for these pounds in our long-term contract portfolio, we are delighted to have them back in production,” said Cameco president and CEO Tim Gitzel.

“Market conditions have continued to strengthen since we announced their planned restart, with growing geopolitical uncertainty adding to energy security concerns worldwide, and the ongoing global emphasis on decarbonization and electrification only gaining momentum,” Gitzel added.

For more information visit www.Cameco.com.