InvestmentJun 1, 2026, 04:04 PM
Cameco Increases Cigar Lake Mine Stake to 57.418% for $115.75M
AI Summary
Cameco Corporation and Orano Canada Inc. have agreed to acquire TEPCO Resources Inc.'s 5% interest in the Cigar Lake Joint Venture. This will increase Cameco's ownership stake in the Cigar Lake uranium mine by 2.871 percentage points to 57.418%, with a purchase cost of approximately $115.75 million for Cameco's share. The transaction, subject to regulatory approvals, is expected to close in the third quarter of 2026. CEO Tim Gitzel emphasized the strategic importance of Cigar Lake as a world-class asset for expanding nuclear energy generation, with plans to extend the mine's life to 2036 and a 2026 production outlook of 17.5-18 million pounds of U3O8.
Key Highlights
- Cameco's ownership in Cigar Lake mine to increase by 2.871 percentage points to 57.418%.
- Cameco's purchase cost for its share of TEPCO's interest is approximately $115.75 million.
- Orano Canada Inc.'s share in Cigar Lake will rise by 2.129 percentage points to 42.582%.
- The transaction is expected to close in the third quarter of 2026, pending regulatory approvals.
- Cigar Lake's 2026 production outlook is between 17.5 million and 18 million pounds of U3O8 (100% basis).
- Plans are in place to extend the life of the Cigar Lake mine to 2036 through CLExt development.
- Proven and probable reserves are estimated at 172.4 million pounds of U3O8 (100% basis, as of Dec 31, 2025).
Price Impact
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