Cameco (TSX: CCO) is off to a rough start to 2025, with the company announcing this morning that production at its Inkai LLP joint venture with Kazatomprom has been halted as of January 1.
The production halt is in relation to the submission of documentation for uranium deposit development to authorities in Kazakhstan. The joint venture previously believed that it would receive an extension of the timeline to submit the required documentation, however this did not materialize due to a delayed submission to the Ministry of Energy.
Cameco further claims that as of a report dated December 26, no mention of the possibility for a production halt was provided. The company at this time has not indicated the severity of the production and financial impacts for 2025 and 2026, with Cameco currently in the process of seeking clarification.
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The Inkai joint venture is 40% owned by Cameco, with the remainder owned by Kazatomprom. In 2023 the operation produced 8.3 million pounds of U3O8 on a 100% basis, while Cameco’s share of estimated reserves totals 105.7 million pounds of U3O8.
Cameco last traded at $73.91 on the TSX.
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