Orano Canada, Cameco To Acquire TEPCO Stake In Cigar Lake JV

KUALA LUMPUR, June 3 (Bernama) -- Orano Canada Inc (Orano Canada) and Cameco Corporation (Cameco) have reached an agreement to jointly acquire TEPCO Resources Inc (TEPCO) five per cent ownership in the Cigar Lake Joint Venture (JV) in a transaction that will increase both companies’ stakes in the uranium mining project.

According to a statement, upon closing, Orano Canada will increase its share by 2.129 per cent to a total of 42.582 per cent, while Cameco will raise its ownership to 57.418 per cent.

“We are pleased to increase Orano’s ownership stake in the Cigar Lake mine,” said Orano Canada President and Chief Executive Officer, Pascal Bastien, adding that the investment underscores long-term confidence in Saskatchewan and the global nuclear fuel cycle.

Meanwhile, Orano Senior Executive Vice President, Mining Business Unit, Xavier Saint Martin Tillet said the agreement reflects the strength of its long-term relationship with Cameco and their shared commitment to supporting energy security through reliable, low-carbon nuclear energy.

The acquisition is subject to regulatory approvals and standard closing conditions, with completion expected in the third quarter of 2026.

-- BERNAMA