Cameco Raises Cigar Lake Uranium Mine Stake to 57.4%
Cameco closes acquisition of TEPCO's 5% stake in Cigar Lake, boosting its ownership in the Saskatchewan uranium mine.
Cameco Corporation (TSX: CCO; NYSE: CCJ) has closed its acquisition of a 5% ownership interest in the Cigar Lake uranium mine joint venture, the Saskatoon-based company announced, increasing its foothold in one of the world's most significant uranium-producing operations located in northern Saskatchewan.
The transaction, completed alongside joint venture partner Orano Canada Inc., involved the purchase of TEPCO Resources Inc.'s 5% stake in the Cigar Lake partnership. As a result of the deal, Cameco's ownership share in the mine rose by approximately 2.871 percentage points, bringing its total interest to 57.418%. Orano absorbed the remaining portion, with its stake climbing by 2.129 percentage points.
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The acquisition reflects a broader industry trend of uranium producers consolidating control over premium assets as global demand for nuclear fuel intensifies. Cigar Lake, long regarded as a crown jewel of uranium production, holds strategic importance for both Cameco and the broader energy transition conversation, given nuclear power's growing role in low-carbon electricity generation.
For Cameco, increasing its direct ownership in Cigar Lake strengthens the company's production leverage at a time when uranium spot prices have drawn renewed investor attention. The move reduces exposure to minority partner decisions and enhances the company's long-term supply commitments to nuclear utilities worldwide, though specific financial terms of the transaction were not disclosed in the announcement.
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