Cameco (CCO.TO) and Orano will acquire Tepco Resources' 5% iinterest in the Cigar Lake joint venture, the company said on Monday.
Cameco will lift its stake by 2.87 percentage points to 57.42%, and Orano's stake will rise from by 2.13 percentage points to 42.58%, a statement said.
Cameco will pay $115.75 million to acquire its share of Tepco's interest. The transaction is expected to close in the third quarter of this year.
Cigar Lake's reserve and resource base includes proven and probable reserves estimated at 172.4 million pounds of U3O8, measured and indicated resources of 26.3 million pounds, and inferred resources of 20.0 million pounds.
Cameco's 2026 production outlook for the Cigar Lake mine is between 17.5 million and 18 million pounds of uranium concentrate (U3O8) on a 100% basis.
"Cigar Lake is among the world's best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation," said Cameco's chief executive Tim Gitzel. "Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation."
Cameco shares were last seen down US$1.13, to US$111.48, in New York trading.