Cameco Restart

Cameco expects it will take about two weeks to get Cigar Lake back into production, Gitzel said. "The restart does not change the fact that there remains tremendous uncertainty about uranium supply as the pandemic continues to cause unplanned supply disruptions," he said. The restart will be dependent on factors including the company's ability to establish safe and stable operating protocols, availability of the necessary workforce and how the COVID-19 pandemic is affecting northern Saskatchewan, he added.
The ongoing impact of COVID-19 restrictions in Kazakshtan, where Cameco holds a 40% interest in the Inkai uranium joint venture, and the indefinite suspension of operations at Key Lake/McArthur River, will mean that Cameco will have to "rely more heavily on the spot market" in 2020, and may begin purchasing spot market uranium this year ready for 2021, Gitzel said.