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Transaction Increasing Cameco’s Ownership Stake in Cigar Lake Closes
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Cameco has finalized the acquisition of Idemitsu Canada Resources Ltd.’s 7.875% interest in the Cigar Lake Joint Venture. This increases Cameco’s stake in the uranium mine to 54.547%, a rise of 4.522 percentage points. Orano Canada Inc. now holds a 40.453% interest, an increase of 3.353 points. This acquisition solidifies Cameco's position as a leading uranium provider.
Positive
Increased ownership in Cigar Lake uranium mine to 54.547%, enhancing company control over operations.
Strengthening position in uranium market amid rising demand for nuclear energy.
Negative
None.
SASKATOON, Saskatchewan--(BUSINESS WIRE)--
CAMECO(TSX: CCO; NYSE: CCJ) announced that the acquisition of Idemitsu Canada Resources Ltd.’s (Idemitsu) 7.875% participating interest in the Cigar Lake Joint Venture by Cameco and Orano Canada Inc. (Orano) closed today.
Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan now stands at 54.547%, 4.522 percentage points higher than it was prior to the transaction, while Orano’s interest is 40.453%, an increase of 3.353 percentage points from its previous share. TEPCO Resources Inc. retains the remaining 5% interest in the property.
For more information regarding this transaction, please see Cameco’s May 10, 2022 news release announcing the acquisition.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.
