Cameco and Orano have announced they will increase their ownership stake in the Cigar Lake uranium mine.
The two companies say they will be purchasing TEPCO Resources’ five per cent share of the Cigar Lake Joint Venture, pending regulatory approval.
Once the transaction closes, expected in the third quarter of 2026, Orano’s ownership will increase from 40.45 per cent to 42.58 per cent, while Cameco’s stake will rise to 57.42 per cent.
Orano says the investment demonstrates its long-term confidence in Saskatchewan and the province’s role in the global nuclear fuel cycle.
The company operates the McClean Lake mill, where ore from Cigar Lake is processed, and employs about 500 people in Saskatchewan.
(TOP PHOTO – A photo from a grand opening of Cigar Lake in 2015. File Photo)