Cameco lifts Cigar Lake stake: production and mine life signals for planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Cameco has agreed to pay C$115.75 million to acquire TEPCO Resources’ 2.871% stake in the Cigar Lake uranium joint venture, lifting its ownership in the northern Saskatchewan mine to 57.418% while Orano’s share rises to 42.582%. Cigar Lake, about 660 km north of Saskatoon, has produced 174.5 million lb of U3O8 since 2014 and still holds 172.4 million lb in reserves plus 46.3 million lb in combined resources. Cameco forecasts 2026 output at 17.5–18 million lb U3O8 (100% basis) and is targeting mine life extension to 2036.
Technical Brief
- Orano is simultaneously acquiring TEPCO’s remaining 2.129% stake, consolidating the joint venture to two partners.
- Cigar Lake has produced 174.5 million lb U3O8 since commissioning in 2014, indicating sustained high-output operations.
- Remaining inventory comprises 172.4 million lb reserves plus 26.3 million lb measured/indicated and 20 million lb inferred.
- Cameco continues concurrent production and development in the current mining area while planning for mine life extension.
Our Take
With Cigar Lake now over 57% held by Cameco and McArthur River/Key Lake back at full output after the May bridge disruption in northern Saskatchewan, Cameco is consolidating control over a tightly clustered high‑grade uranium hub that can flex production in response to market or logistics shocks.
Recent coverage of EU efforts to pivot away from Russian uranium and fuel services has repeatedly highlighted Cameco and Orano as preferred Western suppliers, so TEPCO’s exit and the enlarged stakes for both at Cigar Lake likely strengthen their bargaining position with European and Asian utilities on long‑term offtake and pricing.
In our database of uranium pieces, most new supply stories are about greenfield or ISR projects with permitting and geopolitical risk, whereas Cigar Lake already has substantial remaining reserves and resources, so extending mine life to 2036 gives Cameco relatively low‑risk volume to meet forecast demand growth from the planned US nuclear build‑out noted in earlier coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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