Province is Second-Largest Global Producer of Uranium
Saskatchewan’s nearly $1 billion-a-year uranium industry made Canada the world’s second-largest producer in 2022, according to World Nuclear Association (WNA) data. This puts the province ahead of previous frontrunners including Namibia and Australia. In 2021, Canada ranked third, while Kazakhstan has consistently placed first.
“Saskatchewan’s uranium is key as the world looks to transition to sustainable power generation and source minerals from secure, democratic regions,” Energy and Resources Minister Jim Reiter said.
While Saskatchewan’s uranium production was impacted by COVID-19 related shutdowns in 2020 and 2021, the Cigar Lake mine and McClean Lake mill operated continuously throughout 2022, resulting in increased production. The reopening of the McArthur River mine and Key Lake mill, announced in February 2022, also contributed to increased Saskatchewan uranium production in the later months of the year.
In 2021, the Saskatchewan uranium industry employed 1,842 people. In 2023, the industry is currently expected to produce 15 million kilograms of yellowcake, almost double last year’s number.
“Canada’s global reputation as a stable, reliable supplier of uranium is truly a Saskatchewan success story, given that all Canadian uranium is produced in this province,” Cameco President and CEO Tim Gitzel said. “Cameco’s vision of energizing a clean-air world acknowledges the increasingly important role we know nuclear power must play in meeting the growing global demand for decarbonization, electrification, energy security and affordability. The WNA report proves once again that uranium produced in northern Saskatchewan is crucial for addressing the world’s energy challenges now and into the future.”
The province has occurrences of 23 of the 31 critical minerals on Canada’s list and is home to the world’s largest potash and high-grade uranium deposits. Abundant mineral resources, backed by a strong regulatory environment, competitive royalty and investment incentives, and a high-quality geological database have attracted many of the world’s largest mining companies to the province.
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