# Cameco Corporation

> Cameco is a Saskatoon-based nuclear energy company that mines high-grade uranium, refines and converts it, manufactures CANDU fuel and reactor components, and owns 49% of Westinghouse. Its unusual strategic move was to withhold production during a weak uranium market, serve utility contracts from inventory and purchases, then restart capacity only after long-term demand strengthened. The result is a company positioned from the mine face to reactor technology, but still exposed to difficult geology, remote logistics, regulation, commodity cycles and the execution risk of new nuclear construction.

- **Founded:** 1988
- **Headquarters:** Saskatoon, Canada
- **Team size:** 3,082 employees and 1,335 contractor FTEs at Cameco-operated facilities in 2025
- **Products:** Uranium concentrates, Uranium refining, Uranium conversion, CANDU fuel and reactor components, Westinghouse reactor technology and services
- **Notable:** Created in 1988 from the merger of Saskatchewan Mining Development Corporation and Eldorado Nuclear Limited, then listed publicly in 1991., Operates Cigar Lake, described by Cameco as the world's highest-grade uranium mine, using a purpose-developed jet-boring system., Operates McArthur River, described as the world's largest high-grade uranium mine, and Key Lake, described as the world's largest uranium mill.

## Products & services

- **Uranium concentrates** — Mining, milling, purchasing and sale of U3O8 from tier-one operations including Cigar Lake, McArthur River/Key Lake and the Inkai joint venture.
- **Uranium refining** — Blind River converts uranium concentrates into high-purity UO3 feedstock; the site is described by Cameco as the world's largest commercial uranium refinery.
- **Uranium conversion** — Port Hope produces UO2 for heavy-water reactors and UF6 for enrichment and use in light-water reactor fuel.
- **CANDU fuel and reactor components** — Port Hope and Cobourg facilities manufacture finished fuel bundles, specialty alloy products, reactor components and provide consulting services to CANDU operators.
- **Westinghouse reactor technology and services** — Through a 49% ownership interest, Cameco participates in reactor technology, nuclear fuel, outage and maintenance services, engineering and aftermarket products.
- **Laser enrichment development** — A 49% interest in Global Laser Enrichment provides exposure to the development and testing of SILEX-based enrichment technology.

## Achievements

- Created in 1988 from the merger of Saskatchewan Mining Development Corporation and Eldorado Nuclear Limited, then listed publicly in 1991.
- Operates Cigar Lake, described by Cameco as the world's highest-grade uranium mine, using a purpose-developed jet-boring system.
- Operates McArthur River, described as the world's largest high-grade uranium mine, and Key Lake, described as the world's largest uranium mill.
- Produced 21.0 million pounds of uranium on an attributable basis in 2025 and delivered 33.0 million pounds.
- Set a Port Hope record with 11.2 million kgU of UF6 production in 2025.
- Built a contract portfolio of about 230 million pounds of uranium and 83 million kgU of UF6 conversion commitments at the end of 2025.
- Completed the purchase of 49% of Westinghouse in November 2023.
- Named to the TSX30 for 2024.
- Increased its Cigar Lake ownership to 57.418% in July 2026.
- Reported 2025 revenue of C$3.482 billion, net earnings attributable to equity holders of C$590 million and adjusted EBITDA of C$1.9 billion.

## Latest updates

- **2026-07** — Westinghouse confidentially submitted a draft registration statement for a proposed initial public offering.
- **2026-07** — Cameco reported Q2 net earnings of C$25 million, adjusted EBITDA of C$391 million and maintained 2026 uranium production guidance of 19.5 to 21.5 million attributable pounds.
- **2026-07** — Cigar Lake resumed production after a two-week suspension caused by operational challenges at Orano's McClean Lake mill.
- **2026-07** — Cameco and Orano closed the purchase of TEPCO's 5% Cigar Lake interest, raising Cameco's stake to 57.418%; Cameco's announced purchase cost was about C$115.75 million before closing adjustments.
- **2026-06** — The US Department of Energy announced a conditional loan commitment intended to strengthen the AP1000 supply chain and accelerate reactor deployment.
- **2026-05** — McArthur River and Key Lake returned to full production activities following northern Saskatchewan flooding that disrupted road access.
- **2026-03** — Cameco reported 2025 revenue of C$3.482 billion, adjusted EBITDA of C$1.9 billion and 21.0 million pounds of attributable uranium production.

## Links

- Website: https://www.cameco.com
- LinkedIn: https://www.linkedin.com/company/cameco-corporation
- Twitter/X: https://x.com/cameconews
- YouTube: https://www.youtube.com/user/CamecoCorporation
- Instagram: https://www.instagram.com/camecocommunity/
- Facebook: https://www.facebook.com/Cameco.Careers

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Last updated: 2026-08-23