Cameco and Orano Canada have signed an agreement to acquire TEPCO Resources’ 5% participating interest in the Cigar Lake joint venture.
After the transaction is completed, Cameco’s share of the Cigar Lake uranium mine in northern Saskatchewan, Canada, is set to grow by 2.871%, resulting in a total holding of 57.418%.
Orano’s interest will increase by 2.129% to reach 42.582%.
Cameco is set to pay approximately C$115.75m ($83.71m) for its portion of TEPCO’s Cigar Lake interest, although this figure may be adjusted according to standard closing requirements.
The deal is still subject to regulatory review and other typical conditions, with completion anticipated in the third quarter of 2026.
As of 31 December 2025, Cigar Lake holds an estimated 172.4 million pounds (mlb) of triuranium octoxide in proven and probable (2P) reserves.
It has total measured and indicated resources of roughly 26.3mlb, and an additional 20mlb classified as inferred resources, based on full ownership.
Since starting production in 2014, the mine has delivered close to 174.5 million packaged pounds of uranium.
For 2026, Cameco expects total output from Cigar Lake to range between 17.5mlb and 18mlb of uranium concentrate on a full project basis.
The company intends to maintain both production and development activities in its current mining zone, known as CLMain.
At the same time, work will proceed on the Cigar Lake extension (CLExt), which aims to support operations through to 2036.
Scheduled investment for CLExt covers the installation of a freeze pad, development of freeze distribution systems and expansion of underground infrastructure.
Cameco CEO Tim Gitzel said: “Cigar Lake is among the world’s best uranium mines, producing the highest-grade uranium ore from a safe, reliable and cost-effective operation.
“Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fuelling global ambitions to expand nuclear energy generation.
“Cigar Lake’s success wouldn’t be possible without supportive neighbouring indigenous communities, which provide vital workforce and supply chain support through our mutually beneficial partnerships.”
“Cameco, Orano Canada to acquire TEPCO’s Cigar Lake interest” was originally created and published by Mining Technology, a GlobalData owned brand.
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