Joint Venture Expansion with Cameco
On 1st June 2026, Orano Canada Inc. confirmed the increase of its ownership in the Cigar Lake Mine joint venture in Saskatchewan to 42.582%. This move follows the acquisition of a 5% stake from TEPCO Resources Inc. Cameco Corporation’s ownership also rises to 57.418% as a result of the same deal.
This acquisition highlights Orano’s dedication to ensuring energy security through low-carbon nuclear energy solutions. Xavier Saint Martin Tillet, Senior Executive Vice President of the Orano Mining Business Unit, emphasised the strength of the partnership with Cameco.
Pascal Bastien, President and CEO of Orano Canada, expressed long-term confidence in Saskatchewan and acknowledged TEPCO’s contributions to the joint venture over many years. Orano and Cameco are dedicated to the safe and reliable operation of the Cigar Lake mine and the McClean Lake mill, continuing their support for employees and local communities.
Regulatory Approvals and Future Steps
Completion of the transaction is subject to regulatory approvals and standard closing conditions, with a target completion in the third quarter of 2026. Based in Saskatoon, Orano Canada plays a significant role in uranium production, having processed 19.8 million pounds of uranium concentrate in 2025.
Operating the McClean Lake uranium mill, Orano holds substantial stakes in other key mining operations, such as McArthur River and Key Lake. The company employs approximately 500 people in Saskatchewan, with nearly 400 working at the McClean Lake operation. Notably, over 44% of these employees are self-declared Indigenous.
Orano Canada is committed to safety, environmental protection, and the prosperity of surrounding communities. This acquisition strengthens its position in the nuclear materials sector, addressing global energy and health challenges with innovative solutions.
Orano Canada Inc., a wholly-owned subsidiary of Orano Mining, is a part of the multinational Orano group. It remains a leader in the field of nuclear materials, offering high value-added products and services throughout the nuclear fuel cycle.
