Cameco
A leading global uranium producer and nuclear-fuel supplier headquartered in Saskatoon, Canada.
Last updated August 31, 2026
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Overview
Cameco Corporation is a Canadian mining and nuclear-fuel company headquartered in Saskatoon, Saskatchewan. Its principal business is the exploration, mining, processing and marketing of uranium, together with services that prepare uranium for use in commercial nuclear-power reactors. The company is one of the world's largest publicly traded uranium producers and has developed a vertically integrated position spanning uranium ore production, milling, refining, conversion, fuel supply and related nuclear-fuel activities. Cameco was created in 1988 through the merger and privatization of two Canadian Crown corporations: the federally owned Eldorado Nuclear Limited and Saskatchewan Mining Development Corporation. The resulting company was initially controlled by the federal and Saskatchewan governments. A public offering in July 1991 began the transition to public ownership, and the company became fully privatized in February 2002. The name, originally derived from Canadian Mining and Energy Corporation, was subsequently shortened to Cameco Corporation. Growth during the 1990s broadened Cameco's North American uranium base. The company acquired Power Resources in 1996, then purchased Uranerz Exploration and Mining Limited and Uranerz U.S.A. in 1998. These transactions established significant production and development interests in the United States and Canada. Cameco later organized its American mining assets under Cameco Resources, which operates in Wyoming and Nebraska through in-situ recovery operations. Cameco's core Canadian assets are concentrated in northern Saskatchewan. McArthur River and the Key Lake mill form one of the company's most important production systems, while Cigar Lake is known for exceptionally high-grade uranium ore. Rabbit Lake, another Saskatchewan operation, was placed on care and maintenance after uranium prices weakened. In Ontario, Cameco operates the Blind River uranium refinery and the Port Hope uranium conversion facility. These facilities support the conversion of uranium concentrate into forms used further along the nuclear-fuel cycle. Cameco is also the exclusive fuel supplier to Bruce Power, one of Canada's major nuclear-electricity generators. The company has expanded beyond conventional mining through investments and acquisitions. In 2012 it acquired Nukem Energy, a nuclear-fuel intermediary. Cameco also invested in Global Laser Enrichment, a company developing laser-based uranium-enrichment technology. In 2021, Cameco and Silex Systems acquired General Electric-Hitachi's interest in Global Laser Enrichment, leaving Cameco with a 49 percent stake. In 2022, Cameco and Brookfield Renewable Partners announced an agreement to acquire Westinghouse Electric Company, a major nuclear-reactor and nuclear-services business. The transaction closed in November 2023, with Cameco holding a 49 percent interest. Cameco has also reshaped its portfolio through divestitures. Its gold assets in Kyrgyzstan, Mongolia and the United States were spun off into Centerra Gold in 2004, and Cameco disposed of its remaining Centerra interest in 2009. The company sold its interest in Bruce Power in 2014, while retaining its fuel-supply relationship. Cameco's production decisions have been sensitive to uranium prices and long-term contracting conditions. It suspended Rabbit Lake operations in 2016 and temporarily suspended McArthur River and Key Lake operations in 2017; the latter shutdown became indefinite in 2018. These actions reflected weak market prices and an effort to align production with demand and contract commitments. Cameco remains focused on uranium supply, nuclear-fuel services and participation in the broader nuclear-energy value chain.
History
Cameco was established in 1988 through the merger and privatization of Eldorado Nuclear Limited and Saskatchewan Mining Development Corporation. The new company inherited uranium assets and expertise from both the federal and Saskatchewan Crown corporations. At formation, the Saskatchewan government held 62 percent and the federal government 38 percent. A July 1991 initial public offering sold 20 percent of the company and began a gradual withdrawal of government ownership. Cameco became fully privatized in February 2002. During the 1990s, Cameco pursued geographic expansion. It acquired Power Resources in 1996, strengthening its position in the United States, and bought Uranerz Exploration and Mining Limited and Uranerz U.S.A. in 1998. The company later consolidated its American uranium operations under Cameco Resources, with production interests in Wyoming and Nebraska. Its Canadian portfolio became increasingly centered on northern Saskatchewan, including McArthur River, Key Lake and Cigar Lake. McArthur River-Key Lake developed into one of the industry's most significant uranium production systems, while Cigar Lake became notable for the high grade of its ore. Cameco also developed a presence across the nuclear-fuel cycle. Its Blind River refinery and Port Hope conversion facility in Ontario process uranium materials into products required for fuel fabrication. The company acquired Nukem Energy in 2012, adding a nuclear-fuel intermediary and trading business. Cameco has supplied Bruce Power and became its exclusive nuclear-fuel supplier; it sold its ownership interest in Bruce Power in 2014 while maintaining the commercial supply relationship. The company experimented with adjacent technologies and international arrangements. In 2008 it acquired a 24 percent interest in Global Laser Enrichment, the exclusive licensee of Silex Systems' SILEX laser-isotope-separation technology. In 2021, Cameco and Silex acquired General Electric-Hitachi's 76 percent interest in the venture, resulting in Cameco ownership of 49 percent. In 2011 Cameco agreed to fund construction of a uranium-extraction circuit at Talvivaara Mining Company's nickel-zinc mine in Finland, with repayment structured through uranium concentrate purchases. Cameco's portfolio has also included substantial non-uranium assets. Its gold operations in Kyrgyzstan, Mongolia and the United States were separated into Centerra Gold in 2004. Cameco sold its remaining Centerra interest in December 2009. The company's strategic focus subsequently remained concentrated on uranium and nuclear fuel. Market conditions strongly affected production. Rabbit Lake was suspended in 2016 because of low uranium prices. In 2017 Cameco suspended McArthur River and Key Lake operations for at least ten months; the suspension became indefinite in 2018 and led to approximately 700 layoffs. These decisions reflected the mismatch between available production capacity, uranium prices and the company's long-term contracting position. Cameco was involved in a lengthy Canadian tax dispute concerning a Swiss marketing subsidiary established in 1999. The Canada Revenue Agency argued that profits attributed to the subsidiary should have been taxed in Canada, while Cameco maintained that its structure complied with Canadian law. The Tax Court of Canada and the Federal Court of Appeal ruled in Cameco's favour, and the Supreme Court of Canada declined to hear the CRA's final appeal in February 2021. In October 2022, Cameco and Brookfield Renewable Partners announced the acquisition of Westinghouse Electric Company. The transaction, valued at approximately US$7.9 billion including debt, was completed in November 2023 and gave Cameco a 49 percent interest. The deal expanded Cameco's role from uranium production and fuel supply into nuclear-reactor services and technology, reinforcing its strategy of participating in multiple stages of the nuclear-energy value chain.
- 2023
Westinghouse acquisition closes
[1]Cameco and Brookfield Renewable Partners complete their acquisition of Westinghouse Electric Company, with Cameco holding 49 percent.
- 2021
Global Laser Enrichment ownership restructuring
[1]Cameco and Silex acquire General Electric-Hitachi's interest in Global Laser Enrichment, leaving Cameco with a 49 percent stake.
- 2018
McArthur River and Key Lake shutdown becomes indefinite
[1]A production suspension at McArthur River and Key Lake becomes indefinite, with approximately 700 employees laid off.
- 2016
Rabbit Lake suspension
[1]Rabbit Lake operations are suspended because of low uranium prices and remain on care and maintenance.
- 2012
Nukem Energy acquisition
[1]Cameco acquires Nukem Energy, extending its activities in nuclear-fuel intermediation and trading.
- 2008
Investment in Global Laser Enrichment
[1]Cameco takes a 24 percent stake in Global Laser Enrichment, which is developing laser-based uranium-enrichment technology.
- 2004
Gold assets spun off
[1]Cameco spins off gold operations in Kyrgyzstan, Mongolia and the United States into Centerra Gold.
- 2002
Full privatization
[1]Government ownership of Cameco ends, completing the company's transition from Crown-corporation origins to a fully private public company.
- 1998
Uranerz acquisitions
[1]Cameco acquires Uranerz Exploration and Mining Limited and Uranerz U.S.A., expanding its North American uranium platform.
- 1996
Power Resources acquisition
[1]Cameco acquires Power Resources, described as the largest uranium producer in the United States at the time.
Products and positioning
A large, vertically integrated uranium producer and nuclear-fuel supplier serving the global nuclear-power industry.
Uranium mining
Uranium concentrate
Cameco mines uranium-bearing ore and processes it into uranium concentrate, commonly known as yellowcake. The company produces from operations in Canada, the United States and through interests connected with international uranium activities. Uranium concentrate is the principal upstream input for subsequent refining, conversion, enrichment and fuel fabrication.
Nuclear-fuel services
Uranium refining
At its Blind River facility in Ontario, Cameco refines uranium concentrate into uranium trioxide. Refining is an intermediate step in the nuclear-fuel cycle and prepares material for conversion into forms suitable for enrichment or other fuel-processing stages.
Nuclear-fuel services
Uranium conversion
Cameco's Port Hope, Ontario, conversion facility processes refined uranium into chemical forms used in the nuclear-fuel cycle. The site supports downstream fuel activities and is part of Cameco's integrated Canadian production and processing network.
Nuclear-fuel supply
Nuclear-fuel supply
Cameco supplies uranium and nuclear-fuel-cycle services to utilities and other industry participants. Its long-term commercial relationships include exclusive fuel supply for Bruce Power, linking its uranium production and processing capabilities with a major Canadian nuclear-power generator.
Nuclear technology · 2008
Laser uranium enrichment technology investment
Through its 49 percent interest in Global Laser Enrichment, Cameco participates in the development of SILEX laser-isotope-separation technology. The venture is intended to develop a newer approach to uranium enrichment rather than representing Cameco's conventional mining output.
Nuclear technology and services · 2023
Westinghouse nuclear technology and services
Cameco holds a 49 percent interest in Westinghouse Electric Company following the 2023 acquisition completed with Brookfield Renewable Partners. Westinghouse contributes reactor technology, nuclear services and related capabilities, broadening Cameco's exposure beyond uranium production and fuel supply.
Brand decisions
2022
Acquire Westinghouse Electric CompanyM&ABackground
Cameco sought to expand from uranium production and fuel supply into broader nuclear technology and services.
Action taken
Cameco partnered with Brookfield Renewable Partners to acquire Westinghouse Electric Company in a transaction announced at approximately US$7.9 billion including debt.
Aftermath
The transaction closed in November 2023, with Cameco holding 49 percent of Westinghouse.
Announced transaction value including debt. US$7.9 billion announced transaction value (2022 announcement)
2017
Suspend McArthur River and Key Lake productionStrategyBackground
Weak uranium prices and market oversupply led Cameco to reduce output from major Saskatchewan operations.
Action taken
Cameco suspended McArthur River and Key Lake operations for at least ten months, later converting the suspension into an indefinite shutdown in 2018.
Aftermath
The decision resulted in layoffs affecting approximately 700 employees and temporarily reduced production from one of the company's principal uranium systems.
2016
Suspend Rabbit Lake operationsStrategyBackground
Uranium prices had weakened, making continued production at Rabbit Lake uneconomic under prevailing market conditions.
Action taken
Cameco suspended mining and milling operations at Rabbit Lake and placed the site on care and maintenance.
Aftermath
Rabbit Lake remained inactive while Cameco adjusted production to market conditions.
Recent events
- 2023
Westinghouse acquisition completed[1]
M&A
The acquisition of Westinghouse Electric Company by Cameco and Brookfield Renewable Partners was completed in November 2023, giving Cameco a 49 percent ownership interest.
- 2022
Cameco and Brookfield Renewable Partners announce Westinghouse acquisition[1]
M&A
Cameco and Brookfield Renewable Partners announced an agreement to acquire Westinghouse Electric Company in a transaction valued at approximately US$7.9 billion including debt. Cameco was expected to hold a 49 percent interest.
- 2021
Canadian tax dispute over Swiss marketing subsidiary reaches final resolution[1]
Lawsuit · Regulation
The Supreme Court of Canada declined to hear the Canada Revenue Agency's appeal concerning Cameco's offshore uranium-marketing structure. Earlier courts had found the company's arrangements lawful, ending the dispute in Cameco's favour.
- 2017
McArthur River and Key Lake operations suspended[1]
Leadership change
Cameco suspended operations at McArthur River and Key Lake for at least ten months as it adjusted production to market conditions. The shutdown became indefinite in 2018 and involved approximately 700 layoffs.
- 2016
Cameco places Rabbit Lake operations on care and maintenance[1]
Other
Cameco suspended operations at the Rabbit Lake uranium mine and mill in response to persistently weak uranium prices.
Sources4 sources
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