Cigar Lake Mine Resumes Production
Cameco restarts Cigar Lake on schedule after a two-week mill outage, keeping its 2026 production target intact.
On July 14, 2026, Cameco Corporation announced that the Cigar Lake mine has resumed production activities and is shipping stockpiled ore to the McClean Lake mill. The temporary suspension, which was caused by a shutdown of the sulfuric acid plant at Orano’s McClean Lake mill, is now resolved. The company reaffirmed that the 2026 production outlook for Cigar Lake remains 17.5–18.0 million pounds U3O8 (100% basis), contingent on no further disruptions.
Cameco Corporation confirmed that a previously identified short-term disruption has been resolved within the two-week window initially communicated by management. On June 30, the company stated it expected the mill to resume operations in approximately two weeks and noted that the 2026 outlook would not be impacted. The resumption on July 14 met that timeline exactly, with no change to annual production guidance.
The market had already priced in the suspension risk, with the stock declining from approximately $151 on June 22 to $127.67 on July 13. The modest uptick to $128.87 on the news suggests limited surprise. The announcement removes a tail risk rather than providing new positive catalysts.
Cameco Corporation (CCO) stands as the second-largest uranium producer globally. Its portfolio of flagship tier-one assets includes the high-grade, underground Cigar Lake mine and the McArthur River mine and Key Lake mill in northern Saskatchewan, alongside a 40% interest in the JV Inkai in-situ recovery operation in Kazakhstan. The company also holds a 49% stake in Westinghouse Electric Company, a joint venture with Brookfield Asset Management, which provides exposure to reactor design, fuel fabrication, and nuclear services. Cameco’s long-term contract book secures volume and price visibility, anchoring a strategy centered on disciplined supply management.