In recent years, nuclear energy has emerged as one of the preeminent players in efforts to combat climate change.
As ambitious Net Zero commitments have been issued across the globe, public and government sentiment
in favour of the clean, resilient and secure nature of nuclear power continues to grow. Countries and industries have come to realize that nuclear energy must play a significant part if they hope to reach their
emissions reduction targets.
This growing momentum for nuclear power has, in turn, prompted a resurgence in demand for the uranium fuel required to power the burgeoning nuclear energy sector. As one of the largest global producers of uranium, Cameco has been supplying this critical fuel to the world’s utilities since 1988 and will continue to play a vital role in solving the planet’s dual climate and energy security crises into the future.
The rising global support for nuclear energy and the resulting increase in demand for uranium fuel gave Cameco the confidence and the conditions to restart production at its McArthur River mine and Key Lake mill in the Athabasca Basin of northern Saskatchewan, Canada, in 2022. These two facilities, which had been in care and maintenance since 2018 due to persistent weakness in the global uranium market after the Fukushima Daiichi accident, have been among the world’s most prolific uranium producers over the course of their operation.
The corresponding positive impact they have had on the world’s climate as a result of the clean energy production they have enabled is equally impressive. During its 35-year history, Cameco has supplied about 432 thousand tonnes of uranium fuel to generate zero- carbon nuclear power, helping the planet avoid up to 16 billion tonnes of CO2e emissions. That is the equivalent of taking all gasoline-powered vehicles in the world today off the road for roughly 3½ years.
Since they began operation, McArthur River and Key Lake have accounted for more than 400 million pounds, or over 40%, of Cameco’s total uranium production, constituting a massive contribution to clean energy generation across the planet. And with their 2022 restart of production, these operations stand poised to deliver more clean-air benefits to the world’s eight billion inhabitants.
McArthur River and Key Lake are forecast to produce 6350 tonnes of uranium concentrate (U3O8) in 2023, with plans to increase production to 8160 tonnes (100% basis) of U3O8 in 2024. With an estimated 150 thousand tonnes (100% basis) in proven and probable reserves of U3O8 remaining at the McArthur River mine, nuclear energy nations can count on these operations continuing to reliably and sustainably supply uranium fuel to power their nuclear reactors for years to come.
Cameco says it recognizes the critical nature of the fight against climate change. The company expects its uranium mining and fuel services activities to continue to support the world’s rising demand for carbon-free baseload electricity and increasingly ambitious climate targets. Its recent acquisition of a 49% ownership interest in Westinghouse Electric Company, one of the world’s largest nuclear services businesses, provides Cameco with additional opportunities to contribute to global decarbonization efforts.
Cameco says it is proud to have the McArthur River mine and Key Lake mill back in production, helping to solve one of the most pressing challenges the planet has ever faced, and Energizing a Clean-Air World in the process
