Cameco Corporation operates the world’s largest high-grade uranium mine, called McArthur River, and is one of the largest uranium producers on the planet.

This Canadian company also operates Key Lake, which is the world’s largest uranium mill.

At McArthur River/Key Lake, in 2023, Cameco produced 13.5 million pounds (100 percent basis) of packaged uranium concentrate (14.8 million pounds at the mine, of which 13.5 million pounds were packaged at the mill), slightly below its most recent estimate of 14 million pounds (100 percent basis).

Based in Saskatoon, Saskatchewan, the company operates several uranium mines in North America and Kazakhstan.

At Cigar Lake, Canada, the company produced 15.1 million pounds (100 percent basis) of packaged uranium, which is in line with its most recent estimate of up to 16.3 million pounds (100 percent basis).

A silvery-gray metal in its natural form, uranium is a key component in nuclear power generation.

Cameco

This company’s 2024 outlook reflects the continued transition of its cost structure back to a tier one run rate as it plans its production to meet growing long-term commitments under its contract portfolio.

With its plan to produce 18 million pounds (100%) at each of Cigar Lake and McArthur River/Key Lake, and to produce 12,000 tons of UF6 at its Port Hope conversion facility, Cameco projects strong financial performance, including cash flow generation.

Uranium

In its uranium segment, the company’s long-term contract portfolio totals approximately 205 million pounds, representing only about 20% of its current reserve and resource base.

This provides the company with a large exposure to improving demand from its customers as they seek to secure their long-term contracts.

The company continues to have a large and growing portfolio of uranium business under discussion.

Its focus remains on obtaining market-related pricing mechanisms while providing adequate downside protection.