Cameco

Type: Company | Ticker: CCJ (NYSE) | Sub-theme: Uranium

Cameco is the largest publicly-traded uranium company and the dominant Western producer. It mines uranium from world-class deposits in Saskatchewan's Athabasca Basin (McArthur River, Cigar Lake — the highest-grade uranium mines in the world) and holds a 49% interest in Westinghouse Electric Company (the dominant Western nuclear fuel fabricator, acquired with Brookfield in 2023). The Westinghouse stake gives Cameco exposure to the full nuclear fuel cycle and a recurring services revenue stream.

Key Facts

• McArthur River/Key Lake (Saskatchewan): world's largest high-grade uranium mine (69% Cameco)
• Cigar Lake (Saskatchewan): world's highest-grade operating mine (~1,200 ppm average; 54.6% Cameco)
• Cigar Lake production (2025): ~8M lbs U3O8 (Cameco's share)
• Westinghouse (49% stake): makes ~50% of US nuclear fuel; services 450+ reactors globally
• Long-term contracts: Cameco has disclosed contracts at average price $80-90/lb — higher than spot as of mid-2025, highlighting the importance of the term market
• Strategy: primarily sells via long-term contracts to utilities, not spot

Strategic Significance

Cameco + Westinghouse is the most complete vertically integrated Western nuclear company. The Westinghouse EBITDA (~$500M+ annually) provides stable earnings while uranium prices recover. Cameco is the go-to instrument for institutional uranium exposure in North America, with better liquidity than most uranium-focused names.

Mentioned In

• Uranium Supply Deficit — Cameco long-term contract prices are the benchmark for utility expectations
• Enrichment Bottleneck — Westinghouse fuel fabrication is one step after enrichment