Cameco (TSX:CCO), together with Orano Canada, has reached an agreement with TEPCO Resources to acquire TEPCO’s 5% stake in the Cigar Lake Joint Venture project, bringing Cameco’s ownership to 57.418% and Orano’s to 42.582%.
Cameco CEO Tim Gitzel says that Cigar Lake is one of the ‘best uranium mines’ globally.
“Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licenced, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation,” Gitzel says.
Cameco’s purchase of TEPCO’s interest is around C$115.75 million ($116.77 million) and is subject to customary closing adjustments and regulatory approvals. The transaction is expected to close in Q3 2026.
Cigar Lake has proven and probable reserves of around 172.4 million pounds of triuranium octoxide, measured and indicated resources of around 26.3 million pounds, and inferred resources of 20 million pounds.
It began production in 2014 and has produced around 174.5 million packaged pounds to date.
Cameco notes a 2026 production target of between 17.5 million and 18 million pounds of uranium concentrate on a 100% basis.
Cameco is one of the largest global producers of uranium fuel needed to power a secure energy future.
Write to Amy Rotman at Mining.com.au
Images: Cameco
