Energy · Profile from Energy Research Companion
Cameco
The Saskatoon uranium company formed in 1988 by merging two Canadian government miners, which owns the world's highest-grade uranium mines in northern Saskatchewan's Athabasca Basin (McArthur River/Key Lake and Cigar Lake), a conversion plant at Port Hope, Ontario, 40% of the Inkai in-situ leach mine in Kazakhstan with Kazatomprom and, since November 2023, 49% of the reactor vendor Westinghouse alongside Brookfield. Its strategy for two decades has been "supply discipline": keep mines shut rather than sell into a weak spot market, sign long-term contracts with utilities, and buy material in the market to fill them when that is cheaper than mining. In 2025 it reported revenue of ~C$3.48bn and adjusted EBITDA of ~C$1.93bn (company, Feb 2026), in a market where uranium traded at ~$89.63/lb U3O8 spot and ~$96.50/lb on the long-term indicator at end-September 2026 (Cameco month-end averages of UxC and TradeTech).
At a glance
- Founded
- 1 Oct 1988, by merging Saskatchewan Mining Development Corporation (SMDC, provincial) and Eldorado Nuclear Limited (federal Crown corporation) (company history)
- Headquarters
- Saskatoon, Saskatchewan, Canada
- Ownership / structure
- Public: TSX (CCO) and NYSE (CCJ); IPO 1991, governments sold out by 2002 (reported); federal legislation caps any single non-resident holder at 15% and all non-residents at 25% of votes (Eldorado Nuclear Limited Reorganization and Divestiture Act, verify current wording)
- Leadership (2026)
- Tim Gitzel (president and CEO since Jul 2011; verify 2026 status); Grant Isaac (executive VP and CFO, verify); Ian Bruce (chair, verify)
- Assets
- Uranium: McArthur River mine and Key Lake mill (~69.8% Cameco, Orano the rest; operator), Cigar Lake mine (~57.4% Cameco after buying TEPCO's share jointly with Orano, verify date; operator; ore milled at Orano's McClean Lake), JV Inkai in Kazakhstan (40%, Kazatomprom 60%); Rabbit Lake and US in-situ recovery (Crow Butte, Smith Ranch-Highland) on care and maintenance. Fuel services: Blind River refinery, Port Hope conversion (UF6 and UO2) and fuel manufacturing (Ontario). Equity stakes: Westinghouse 49% (Brookfield 51%); Global Laser Enrichment 49% (Silex 51%)
- Scale
- 2025 revenue ~C$3.48bn, net earnings attributable ~C$590m, adjusted EBITDA ~C$1.93bn; Cameco's share of Westinghouse adjusted EBITDA ~C$780m (company, 12–13 Feb 2026). 2026 production guidance 19.5–20.5 mlb U3O8 (Cameco's share), deliveries 29.5–30.5 mlb (company, Q3 2026, reported)
- Market position
- One of the two largest uranium producers with Kazatomprom; one of four Western conversion suppliers; half-owner of one of three Western light-water reactor vendors
- Signature moves (incl. failures)
- Formation (1988); privatisation and IPO (1991); the Cigar Lake flood (2006, failure); Fukushima and the long slump (2011–17); McArthur River suspension (2018–22); the CRA transfer-pricing win (2018–21); restart and the contracting cycle (2022–26); Westinghouse with Brookfield (2022–23); the US government Westinghouse partnership (Oct 2025)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1988
Formation Eldorado and SMDC Merger
Founding / acquisition or merger
1991
Privatisation and IPO
Spin-off or IPO (government sell-down)
2006
Cigar Lake Flood
Construction or commissioning / accident (failure)
2011
Fukushima and the Long Slump
Market shock / restructuring (curtailments, write-downs, contract defence)
2018
McArthur River Suspension
Strategy pivot (supply discipline: production suspension)
2020
CRA Transfer Pricing Win
Regulatory or legal action (tax litigation)
2022
McArthur Restart and the Contracting Cycle
Construction or commissioning (restart) / offtake or supply contract
2023
Westinghouse Acquisition with Brookfield
Acquisition or merger
2025
US Government Westinghouse Partnership
Financing (state support) / strategy pivot toward US new build