Cameco had revised its 2025 production downwards at the end of August, anticipating knock-on effects from delays in developing new mining areas at McArthur River in the earlier part of the year. The company’s total 2025 production of 21.0 million pounds U3O8 (8078 tU) (Cameco’s share) exceeded the revised consolidated annual production guidance of up to 20 million pounds, but was 10% less than 2024’s production of 23.4 million pounds.
Cigar Lake’s production of 19.1 million pounds (100% basis) was 1.1 million pounds more than anticipated, while production at McArthur River/Key Lake of 15.1 million pounds (100% basis) met the revised production guidance.
Total 2025 production at JV Inkai in Kazakhstan – a joint venture of Cameco and Kazatomprom – at 8.4 million pounds U3O8 was up from 7.8 million pounds in 2024. (Cameco’s share of 2025 production was 3.7 million pounds.) During the year, Cameco received shipments containing the remainder of its share of Inkai’s 2024 production, about 0.9 million pounds, and the entire 3.7 million pounds of its share of 2025 production.
CEO Tim Gitzel said Cameco’s results reflected “another year of disciplined execution” in a year of accelerating global momentum which saw renewed commitments to nuclear energy from governments, utilities, and industrial energy users around the world, accompanied by increasing long‑term contracting activity towards the end of the year and a deepening focus on security of supply.
In addition, contributions from Cameco’s investment in Westinghouse “continue to outperform the acquisition case expectations,” Gitzel said.
Cameco is currently planning to produce between 17.5 million and 18 million pounds U3O8 (on a 100% basis) at Cigar Lake and between 14 million and 16.5 million pounds (100% basis) at McArthur River/Key Lake in 2026, as well as continuing work to extend the mine life at Cigar Lake. The company continues to focus on its tier-one assets, with care and maintenance costs for the ongoing curtailment of its tier-two assets expected to be CAD62-67 million (USD45.3-49.0 million) for the year.
Kazatomprom sees production increase
Kazakhstan’s national atomic company Kazatomprom’s 2025 production increased compared to 2024 in line with its initial guidance, the company said on 2 February.
Production volume for the year ended 31 December was 67.18 million pounds U3O8 (25,839 tU) on a 100% basis (35.15 million pounds attributable), a year-on-year increase of 10-11%. The increase in production is primarily driven by the planned ramp-up of production at JV Budenovskoye and corresponding growth in output from that project, which is fully reserved under an offtake contract for the period from 2024 to 2026, the company said.
In August, Kazatomprom announced plans for a roughly 10% cut in its uranium production in 2026, saying the current supply-demand balance and existing uncovered demand as sufficient to incentivise a return to its 100% levels. In line with this, production volumes for 2026 are expected to be 27,500-29,000 tU (71.49-75.39 million pounds U3O8) on a 100% basis, although this guidance remains subject to sulphuric acid availability.
“Kazatomprom remains fully committed to its value-over-volume strategy and the disciplined market approach,” the company said.
