Canadian uranium supplier Cameco Corp said on Thursday the development delays in transitioning the McArthur River mine in Saskatchewan to new mining areas are expected to impact its 2025 production forecast.
The company cited risks including development delays and the expected timing of ground freezing as the mine transitions into two new mining areas.
Additionally, challenges related to access to skilled labor and the timing of commissioning new customized equipment are also potential risks.
“Production from the McArthur River/Key Lake operation is now anticipated to be between 14 million and 15 million pounds of uranium concentrate (U3O8),” the company said, adding, this production projection was lower than its previous forecast of 18 million pounds.
Cameco also said that it was unable to fully mitigate the impact of delayed development and slower-than-anticipated ground freezing in the first half of this year.
However, strong performance at the Cigar Lake mine may partially offset the deferred McArthur River production, the statement mentioned.
(By Pooja Menon; Editing by Mohammed Safi Shamsi)
