Fuel Services
Learn how uranium is mined, milled and processed at Cameco
In Uranium Part 2 - watch how uranium is turned into fuel at our fuel manufacturing facilities in Ontario.
Watch Uranium Part 1 - mining and milling
Video courtesy of How It's Made, a Discovery Communications, Science Channel program
Cameco is a prominent supplier of uranium processing services required to produce fuel for the generation of clean electricity. We operate the world's largest commercial refinery in Blind River, have about 21% of the world UF6 primary conversion capacity in Port Hope, and are a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at our facilities in Port Hope and Cobourg.
Our focus is on cost-competitiveness and operational efficiency. Our fuel services segment is strategically important because it helps support the growth of the uranium segment. Offering a range of products and services to customers helps us broaden our business relationships and expand our uranium market share.
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2024 Q2 Update
- Production
Fuel services produced 2.9 million kgU in the second quarter of 2024, 15% lower than the second quarter last year primarily due to temporary operational issues in one of the processing circuits at the UF6 plant, which have been resolved. Production in the first six months of 2024 was 6.7 million kgU, down 12% compared to the same period last year, also related to the temporary operational issues in the first half of 2024.
Our fuel services segment includes the combined production of UO2, UF6, and heavy water reactor fuel bundles. Although fuel services outlook and production results are typically not broken down by individual product line, we previously indicated we were targeting production of 12,000 tonnes per year at the Port Hope UF6 conversion facility. While our annual production expectation for fuel services remains between 13.5 million and 14.5 million kgU of combined fuel services products in 2024, we now expect the conversion component of that guidance to be between 11,000 and 11,500 tonnes of UF6.
We are continuing our work at Port Hope to achieve an ongoing production rate that will supply 12,000 tonnes per year in order to satisfy our book of long-term commitments and demand for conversion services. Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or experience production delays and increased costs.
- Labour relations
A new collective agreement with unionized employees at our Cameco Fuel Manufacturing operations was reached in June 2024 for a three-year term, expiring in June 2027.
Refining
Cameco's Blind River operation is the world's largest uranium refinery producing an intermediate product in the nuclear fuel cycle.
Conversion
The Port Hope Conversion Facility provides uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion services for nuclear operators around the world.
Fuel Manufacturing
Cameco Fuel Manufacturing produces fuel bundles for CANDU reactors and also provides reactor components and consulting services to CANDU operators around the world.