Orano Increases Ownership in Cigar Lake Mine

Orano Canada Inc. (Orano) and Cameco Corporation (Cameco) have reached an agreement to jointly acquire Idemitsu Canada Resources Ltd.’s (Idemitsu) 7.875% ownership in the Cigar Lake Joint Venture. Orano is pleased to announce that, upon closing, this transaction will increase its share by 3.353% to a total of 40.453% of the joint venture. Cameco’s ownership will also rise to a total of 54.547% and TEPCO Resources Inc. will maintain its current 5% interest.

“Orano is pleased to increase its resource base in Canada where it has been present for more than 50 years through exploration and operation of industrial facilities.  Canada is an essential asset in our strategy to diversify our production which is even more important today to guarantee to our customers a security of supply in the long term,” said Nicolas Maes, President, Orano Mining.  

“We are excited to increase our ownership stake in the Cigar Lake mine,” said Orano Canada President and CEO Jim Corman. “As the original discoverer of the deposit in the early 1980s we know the asset very well and are committed to continue to work in co-operation with our partners on ensuring the continued success of the mine and our tandem operation, the McClean Lake mill.”

Orano Canada will purchase the share of Idemitsu’s interest for approximately $80 million CDN. The acquisition is subject to regulatory approvals and standard closing conditions and should be closed in the second quarter of 2022.