Cameco could resume N. American uranium output if Kazakh turmoil hits supply

Cameco’s Cigar Lake uranium mine in northern Saskatchewan. Credit: Cameco

Cameco Corp said on Thursday it could resume production of roughly 24 million pounds of uranium annually in North America if needed by the global market due to the political turmoil in Kazakhstan.

The company said in an emailed statement it was not clear how quickly it would take to resume the output, but its five mothballed mines in Canada and the United States are in good condition.

Cameco added it would only resume output if uranium prices rise “to the point where the market once again calls for increased production” and a customer is willing to sign a long-term contract.

Saskatchewan-based Cameco added it has not yet been able to discuss the status of its Kazakhstan operations with joint venture partner Kazatomprom.

(By Ernest Scheyder; Editing by Chris Reese and Marguerita Choy)

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