Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesEnergyMiningCameco, Orano expand their dominance as they buy out partner in Saskatchewan uranium mineDeal would make Cameco and Orano jointly own the entirety of the Cigar Lake mine You can save this article by registering for free here. Or sign-in if you have an account.A Cameco Corp. worker at its Cigar Lake mine. Photo by HandoutCameco Corp. and Orano Canada Inc. agreed to buy out a Japanese energy company’s last five per cent stake in a uranium mine in northern Saskatchewan.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe deal would make Saskatoon-based uranium giant Cameco and French mining multinational subsidiary Orano jointly own the entirety of the Cigar Lake mine.“Scarce licensed (and) permitted assets like Cigar Lake (are) playing an essential role in fueling global ambitions to expand nuclear energy generation,” Cameco’s chief executive Tim Gitzel said in a release.Cameco will pay the Tokyo electric company’s Canadian subsidiary, TEPCO Resources Inc., approximately $115.75 million, increasing its stake by nearly three per cent. The deal would mean its majority share in the mine increases to more than 57 per cent.Orano, which did not disclose the dollar value of its purchase, would raise its ownership in the mine to nearly 43 per cent.The acquisition is expected to close in the third quarter of this year.The mine operator Cameco expects that it will produce between 17.5 million and 18 million pounds of uranium concentrate at Cigar Lake this year. It’s also working to extend the life of the mine until 2036.Orano also owns a 30.2 per cent share in McArthur River and 16.7 per cent in Key Lake, which are both operational Cameco mines. It also operates and jointly owns McClean Lake.Cameco’s stock was up by seven per cent to $166.92 per share in early trading on Tuesday. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.