A Canadian company that mines uranium and turns it into fuel for nuclear power plants, Cameco is one of the world's largest uranium producers, with mines in Canada and the United States. It was formed in 1988 when two government-owned companies — Eldorado Nuclear and Saskatchewan Mining Development — merged; the name comes from "Canadian Mining and Energy Corporation." Its roots stretch back to a 1926 gold-mining venture whose uranium was nationalized for the Manhattan Project.
Westinghouse confidentially files draft S-1 for proposed IPO
Cameco announced that Westinghouse Electric Company has confidentially submitted a draft registration statement on Form S-1 with the SEC for a proposed initial public offering of its common stock.
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Westinghouse is owned jointly by Cameco and Brookfield Renewable Partners.
The number of shares to be offered and the price range for the proposed offering have not yet been determined.
The proposed offering is subject to market and other conditions.
The announcement is made in accordance with Rule 135 under the Securities Act of 1933.
Cameco temporarily suspends Cigar Lake operations due to McClean Lake mill acid plant issue
Orano is working to bring the acid plant back online and is assessing alternative acid supply sources while waiting for replacement parts.
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Cameco's Cigar Lake mine in northern Saskatchewan has temporarily suspended operations because Orano's McClean Lake mill, which processes Cigar Lake ore, shut down its sulfuric acid plant for repairs.
Cameco expects the McClean Lake mill to resume operations in approximately two weeks and does not expect the disruption to impact its 2026 production outlook for Cigar Lake.
There is a risk that repairs take longer than planned, which could impact the 2026 production outlook depending on the duration of any additional delays.
US DOE conditional commitment of up to US$17.5 billion loan for Westinghouse AP1000 reactors
The loan is expected to be implemented through a Westinghouse special purpose vehicle and up to five project funding vehicles, with each project requiring about $1 billion in upfront equity.
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Cameco welcomes DOE's conditional commitment for a loan package of up to US$17.5 billion to finance long-lead items for up to 10 AP1000 reactors in the US.
The loan is expected to be repaid from proceeds of the sale of long-lead items as projects reach final investment decisions.
The commitment is conditional on satisfying technical, legal, environmental, and financial conditions, and definitive agreements are not yet in place.
Cameco and Brookfield acquired Westinghouse in November 2023, and discussions continue on a strategic partnership with the US Department of Commerce.