Energy & Critical Metals
Cameco Gains Majority Ownership Of Cigar Lake
Cameco (TSX: CCO) announced on Thursday the acquisition of a further 7.875% interest in the joint venture managing the Cigar
The post Cameco Gains Majority…

Cameco (TSX: CCO) announced on Thursday the acquisition of a further 7.875% interest in the joint venture managing the Cigar Lake mine. The acquired stake was purchased from Idemitsu Canada Resources by Cameco and Orano Canada.

Post-transaction, Cameco now owns 54.547% of the venture while Orano also increased its stake to 40.453%. The remaining 5% is still held by TEPCO Resources.
“As the world’s largest high-grade uranium mine, Cigar Lake is quite simply one of the best and most prolific uranium producing assets on the planet,” said Cameco CEO Tim Gitzel when the acquisition was first announced. “As the operator of Cigar Lake since 2002, it’s an asset we know incredibly well.”
As previously announced, Cameco’s respective share of acquired interest is valued at $107 million for 4.522%.
The firm also previously bared its plans for the mine to increase production to 40% below capacity by 2024 from 75% below capacity. This includes producing 15 million pounds annually at McArthur River/Key Lake and 13.5 million pounds annually at Cigar Lake, for a combined 33% reduction of licensed capacity.
The 2022 production outlook for the Cigar Lake mine is 15 million pounds of uranium concentrate (U3O8) on a 100% basis, making it the largest uranium producing operation in the world this year according to the firm.
Cameco last traded at $29.62 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The post Cameco Gains Majority Ownership Of Cigar Lake appeared first on the deep dive.

RareX on the road to success with growing scale of its Cummins Range rare earths project
Special Report: RareX’s 2022 drill program has highlighted the scale and significance of its Cummins Range rare earths deposit in … Read More
The post…
The 3 Best Tech ETFs to Buy Now
One of the best ways to make a great deal of money in the stock market is by buying shares of companies that are benefiting from tech revolutions. The…
E3 Lithium Outlines 23.4 Mt LCE Inferred Mineral Resource in Consolidated Bashaw District
CALGARY, AB, July 11, 2022 – E3 Lithium (TSXV:ETL)(OTCQX:EEMMF) (the “Company” or “E3 Lithium” or “E3”), Alberta’s leading lithium developer…
-
Base Metals16 hours ago
Max Resources identifies two very significant initial drill targets at CESAR’s URU District
-
Precious Metals16 hours ago
Argonaut Gold: BMO Drops Target To $1.00 After Messy Q2 Results
-
Lithium16 hours ago
The 3 Best Tech ETFs to Buy Now
-
Economics15 hours ago
7 Undervalued REITs to Buy in August
-
Economics18 hours ago
India Using Asian Currencies Instead of Dollar to Buy Russia’s Coal
-
Energy & Critical Metals10 hours ago
RareX on the road to success with growing scale of its Cummins Range rare earths project
-
Economics8 hours ago
400 Square Foot Nantucket Cottages Are Selling For Millions
-
Economics5 hours ago
China Unexpectedly Cuts Rates As Terrible Econ Data Confirms “Alarming” Slowdown, Yields Plunge