Orano Canada Supports the Continuity of Uranium Ore Production in Northern Saskatchewan

Orano Canada welcomes the announcement by its partner, Cameco Corporation, of the planned restart for the McArthur River mine and Key Lake mill starting in 2022. As a major partner in these operations, Orano owns 30.2% of McArthur River and 16.7% of Key Lake and will benefit by gaining access to another source of production to satisfy customer commitments.

The production forecast for McArthur River and Key Lake operations in 2022 is five million pounds, taking into account potential operating risks due to a variety of factors. Our partner Cameco will remain focused on mitigating these risks and updating the forecast on a quarterly basis.

By 2024 it is expected that the McArthur River/Key Lake operations will produce 15 million pounds (100% basis) per year, and at that time Cigar Lake will reduce its planned production to 13.5 million pounds (100% basis). The common revised production plan agreed to by all partners in the Cigar Lake Joint Venture agreement is intended to extend the mine life of the Cigar Lake operation allowing for a continuous supply of ore for the McClean Lake operation.

Nicolas Maes, CEO of Orano Mining made the following statement: “We are looking forward to this planned restart with a sense of enthusiasm. We are fully confident in our partner’s ability to effectively bring these Tier 1 assets into production within the planned schedule. Given the continued unbalanced uranium market conditions, the restart of McArthur gives us the opportunity to reduce production at Cigar Lake, extending the life of this asset and postponing the need for new projects in northern Saskatchewan.” 

“I am pleased with this development and optimistic about the longevity of the uranium industry in Saskatchewan,” said Orano Canada President and CEO Jim Corman. “Following on the heels of our approval to expand the tailings management facility at McClean Lake, we now have a solid plan for uninterrupted production. For our employees, contractors and partners, this announcement reduces some of the uncertainty about industry plans in the region.”