In its second quarter results statement, the group said there is ongoing uncertainty about supply during the pandemic and trade policy issues, and that it believes the risks to uranium supply are greater than the risk to demand.

"With the uncertainty remaining about our ability to restart and continue operating the Cigar Lake mine, the delays and deferrals of project work ..., we believe the current plan represents an appropriate balance of the commercial considerations affecting our decision," said president and chief executive Tim Gitzel.

The restart will be dependent on Cameco being able to establish safe and stable operating protocols among other factors, including availability of the necessary workforce and how the COVID-19 pandemic is affecting northern Saskatchewan.