Cameco and Orano have increased their ownership stake in the Cigar Lake mine. The two companies have reached an agreement with Idemitsu Canada Resources to buy its almost 8 per cent participating interest in the Cigar Lake Joint Venture.

Cameco president and CEO Tim Gitzel says Cameco’s ownership stake in the uranium mine will increase by just over 4.5 percentage points to almost 54.55 per cent, while Orano’s share will rise to just over 40.45 per cent. TEPCO Resources retains the remaining five per cent interest in the property.

Gitzel says Cigar Lake is the world’s largest high-grade uranium mine, and it is quite simply one of the best and most prolific uranium producing assets on the planet. Cameco’s purchase to acquire its share of Idemitsu’s interest is around $107-million Canadian. The transaction is expected to close in the second quarter of this year.