CCJ - Cameco raises ownership stake in Cigar Lake uranium mine

Cameco (NYSE:CCJ) +3.4% in Wednesday's trading after the company and Orano increase their stakes in the Cigar Lake uranium mine in Saskatchewan, agreeing to acquire Idemitsu Canada Resources' 7.9% interest for C$187M. Cameco (CCJ) said its share of the deal totals C$107M to raise its ownership stake in the world's largest high-grade uranium mine by ~4.5 percentage points to 54.547%, while Orano's share will increase to slightly over 40.453%; TEPCO Resources retains the remaining 5% interest. Production guidance for Cigar Lake this year is 15M lbs of U3O8 on a 100% basis, which Cameco said (CCJ) would make the mine the world's largest uranium producing operation this year. Cameco (CCJ) said its increased share in the operation will provide it with access to an additional 6.9M lbs of proven and probable reserves, 4.7M lbs of measured and indicated resources, and 1M lbs of inferred resources. Last week, Cameco (CCJ) reported

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Cameco raises ownership stake in Cigar Lake uranium mine