Cameco

Type: Company — Uranium Mining / Nuclear Fuel / Nuclear Services

Cameco is the largest publicly traded uranium company in the world by production capacity. It operates the McArthur River and Cigar Lake mines in Saskatchewan, Canada (among the highest-grade uranium deposits on Earth), plus the Port Hope conversion facility and Blind River refinery. In 2023, Cameco acquired a 49% interest in Westinghouse Electric Company (co-owned with Brookfield Renewable) — making Cameco a vertically integrated nuclear company spanning fuel supply through reactor services.

Strategic Position

Cameco is the Western world's anchor uranium supplier — positioned to benefit from both the uranium price cycle and the nuclear service demand tied to the AI-power wave.

Westinghouse (49% owned): largest nuclear services company globally, providing AP1000 reactors, fuel fabrication, and maintenance services to ~50% of the world's operating reactors. The Westinghouse ownership gives Cameco exposure to the entire nuclear fuel cycle, from U3O8 mining through reactor services and fuel fabrication.

India supply deal: Cameco signed a C$2.6 billion agreement with India to supply approximately 22 million pounds of uranium over 9 years beginning 2027 — one of the largest long-term uranium contracts ever announced. India is expanding its nuclear fleet aggressively.

Key Business Facts

• Primary mines: McArthur River (highest-grade uranium mine in world), Cigar Lake
• McArthur River: Cameco 70% operated; NexGen's Arrow deposit (300M lb resource) is the next major Western mine
• Conversion: Port Hope (ON) + Blind River (ON)
• Westinghouse: 49% equity; nuclear services + AP1000 reactor technology + fuel fabrication
• McArthur River production: Cameco lowered forecasts in 2026 amid operational challenges

Recent News (2026)

• 2026 — C$2.6B India supply deal announced; 22M lbs uranium over 9 years from 2027. (INN)
• 2026 — McArthur River production forecast lowered. (INN)
• 2026 — Uranium spot price surpassed $100/lb; long-term contracting accelerating.
• 2025-ongoing — Westinghouse integration continues; Poland AP1000 project a key development.

Outstanding Questions

• What is Cameco's strategy to grow Western uranium supply to meet nuclear renaissance demand?
• How does Westinghouse's AP1000 pipeline (Poland, Czech Republic, India) drive long-term fuel fabrication revenues?
• Can Cameco maintain cost advantage if McArthur River faces operational disruptions?
• At what uranium price does Cameco accelerate production at idled operations (e.g., Key Lake mill)?