Producer
Cameco
World's largest Western uranium producer (~13% global mine output). Revenue ~C$3.3B (2024). Operates Cigar Lake and McArthur River mines (Saskatchewan) — among the highest-grade uranium deposits in the world. Also provides UO2 conversion at Port Hope, Ontario. Cameco and Orano jointly operate the McLean Lake mill. Post-Russian-ban, Cameco is the primary Western hemisphere uranium supplier for US utilities.
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Facilities
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Where they make it
2 facilities
Cameco Port Hope Conversion Facility →
CAPort Hope, Ontario · manufacturing
Converts uranium concentrates (U3O8) to uranium hexafluoride (UF6) for enrichment and to uranium dioxide (UO2) for CANDU fuel. One of only 4 commercial conversion facilities in the world (alongside Honeywell Metropolis Works/US, Orano Comurhex/France, and ConverDyn's mothballed US facility). Port Hope resumed full operations in 2023 after a major refurbishment. Conversion is a lesser-known chokepoint — uranium must be converted before enrichment.
Cigar Lake Uranium Mine (Saskatchewan) →
CAAthabasca Basin, Saskatchewan · manufacturing
World's highest-grade uranium mine (~15% average ore grade vs. global avg ~0.1%). Produces ~18 million lbs U3O8/yr (~7,000 tU). Operated by Cameco. Ore is milled at the McClean Lake mill (Orano joint venture). Cigar Lake was flooded twice (2006, 2008) — each flooding delayed production by years and drove global uranium spot prices to $136/lb in 2007. A third flooding event would reshape global nuclear fuel markets.
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Uranium Mining (Saskatchewan)
60%Fuel Services (Conversion)
20%Westinghouse Investment (49%)
20%
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Did you know2023
Cameco is the largest Western supplier of uranium AND (through its 49% stake in Westinghouse acquired in 2023) is now a partial owner of the company that designs and manufactures the nuclear reactors that the uranium goes into. Cameco supplies uranium concentrate; Westinghouse converts uranium into fuel assemblies; and then both companies supply Western nuclear utilities. After Russia's invasion of Ukraine, Western utilities began replacing ROSATOM fuel (TVEL subsidiary) with Westinghouse fuel, including for Soviet-designed VVER reactors in Eastern Europe -- a market Cameco-Westinghouse is actively targeting. The same Cameco that digs uranium in Saskatchewan owns an interest in the company that is displacing Russian nuclear fuel technology from NATO-country reactors.
Cameco Corporation ↗Origin2023
Cameco Corporation was formed in 1988 from the merger of two Canadian government uranium enterprises: Eldorado Nuclear Limited (federal Crown corporation) and Saskatchewan Mining Development Corporation (provincial Crown corporation). Eldorado's history directly touches the Manhattan Project: its Port Hope, Ontario refinery processed uranium ore from the Northwest Territories' Great Bear Lake deposits, producing uranium oxide that was shipped to the United States and used in the first atomic bomb test (Trinity, July 1945) and the bombs dropped on Japan. The federal Canadian government then nationalized Eldorado to control nuclear material. When uranium became a civilian commercial commodity in the 1970s-80s, Eldorado expanded into Saskatchewan's Athabasca Basin deposits and was eventually privatized as part of Cameco in 1988. Today Cameco's Port Hope facility still converts uranium for Canadian nuclear reactors -- the same Ontario site that processed uranium for the first atomic weapons now produces fuel for peaceful electricity generation.
Cameco Corporation ↗