Cameco and Orano Canada have completed the acquisition of TEPCO Resources' stake in the Cigar Lake uranium joint venture, reshaping ownership of one of Saskatchewan's most significant atomic fuel assets. The transaction closed on July 2, 2026, transferring TEPCO's 5% participating interest to the two operators.
Under the terms of the completed deal, Cameco's ownership in the Cigar Lake operation has expanded by 2.871 percentage points to 57.418%, establishing the Toronto-listed uranium producer as the dominant partner. Orano, the French state-controlled nuclear fuel company, increased its stake by 2.129 percentage points to 42.582%. The transaction eliminates TEPCO Resources as a participant in the joint venture, consolidating control between the two primary operators.
Cigar Lake, located in northern Saskatchewan's Athabasca Basin, ranks among the world's highest-grade uranium deposits. The mine has emerged as a critical asset amid strengthened global nuclear fuel demand driven by energy security concerns and decarbonization targets. The restructured ownership aligns operational decision-making more directly between Cameco and Orano, potentially streamlining capital and production planning for the operation.