Overview
- Orano Canada and Cameco announced a joint agreement to acquire TEPCO Resources’ 5% interest in the Cigar Lake Joint Venture, with post-close ownership rising to about 42.582% for Orano and 57.418% for Cameco.
- The transaction is conditional on regulatory approvals and standard closing steps and is expected to complete in the third quarter of 2026.
- Orano operates the McClean Lake mill that toll-mills Cigar Lake ore and reported processing 19.8 million pounds of uranium concentrate in Canada in 2025.
- Both companies said the purchase is intended to support the safe, reliable running of the Cigar Lake mine and McClean Lake mill and to continue support for employees and nearby communities.
- The deal modestly consolidates ownership at Cigar Lake, slightly strengthening Cameco’s majority and Orano’s operational stake, which may streamline milling arrangements and signal continued investment in Saskatchewan’s uranium supply chain.