“Consistent with the conservative financial management we have demonstrated, our capital allocation decisions are focused on maintaining the financial flexibility to execute on our strategy,” said Grant Isaac, Cameco’s EVP and CFO, in an earlier release.

“In a market where we believe the demand for secure and carbon-free nuclear electricity generation and the fuel required to run reactors is stronger and more durable than ever, Cameco is well-positioned for disciplined and sustainable growth, while maintaining the ability to self-manage risk.”

Cameco is one of the world’s largest uranium producers with operations in North America, Europe and Asia.

In Canada, the company operates the Cigar Lake mine, Rabbit Lake mine, McArthur Lake mine and the Key Lake mill in northern Saskatchewan. The Millennium project is located nearby. Its Blind River refinery and Port Hope conversion facility are located in Ontario.

In the United States, the company has operates at North Butte and Smith Ranch-Highland in Wyoming, and Crow Butte in Nebraska. In South Carolina it operates the Columbia fuel fabrication plant.

Fuel fabrication is also done in the United Kingdom and Sweden. The company also has an in-situ recovery mine in Kazakhstan.

The projects in which Cameco is active delivered 32 million lb. of uranium in 2023, based on 100% capacity ratings. The company’s share of production was 17.6 million lb. of yellowcake and 13.3 million kg of elemental uranium during that period.

Many of the company’s operations are joint ventures with other companies and local governments.