Cameco (TSX: CCO; NYSE: CCJ) has lifted its ownership of the Cigar Lake mine in northern Saskatchewan after buying out TEPCO Resources’ joint venture interest together with Orano.
In a statement on Monday, the uranium miner said that the company and its French peer would acquire TEPCO’s participating 5% interest, with each of them getting 2.871% and 2.129%, respectively.
Upon closing, Cameco’s ownership of the mine will rise to 57.418%, while Orano’s share will increase to 42.582%, consolidating their ownership in what is considered the world’s highest-grade uranium mine.
The two companies have been long-time partners at Cigar Lake, located approximately 660 km north of Saskatoon. The deposit was discovered in the early 1980s and subsequently developed by Cameco and Orano, with the former serving as the operator. The companies are also partners on the McArthur River mine and Key Lake mill, both also Saskatchewan.
TEPCO, part of the Japanese utility giant, later joined the venture with a small participating interest.
2026 outlook
For this acquisition, Cameco said it paid C$115.75 million ($83.6 million), while the amount paid by Orano was undisclosed. The transaction is expected to close in the third quarter of 2026, the company added.
Cameco’s CEO Tim Gitzel said the move further demonstrates the company’s commitment to assets like Cigar Lake, which he believes would play “an essential role in fueling global ambitions to expand nuclear energy generation.”
Since its commissioning in 2014, Cigar Lake has produced 174.5 million lb. of uranium concentrates (U
This year, the mine is expected to output between 17.5-18 million lb. of U
Shares in Cameco dipped by 1% during the early hours of trading in New York. The company has a market capitalization of $47.6 billion.
