Overview
Cameco Corporation is a Saskatoon-based nuclear energy company that supplies uranium and nuclear fuel products to utilities. Its activities span uranium mining and milling, refining, conversion, and fuel manufacturing. Cameco describes its vision as “Powering a Secure Energy Future,” reflecting its focus on fuel for nuclear electricity generation.[1][2][3]
Cameco’s principal uranium operations are in Saskatchewan, Canada, and it holds an interest in the Inkai mine in Kazakhstan. Its 49% ownership of Westinghouse Electric Company extends its exposure to reactor technology and nuclear services. Cameco serves customers globally; it reported C$3.482 billion in revenue for 2025 and describes its workforce as approximately 3,000 employees.[4][5][6][7][8] [1][2][3][4][5][6][7][8][1][2][3][4][5][6][7][8]
Products & services
Cameco’s principal product is uranium concentrate (U₃O₈), produced through mining and milling and sold for use in nuclear fuel production. Its fuel-services products include uranium trioxide (UO₃), made by refining concentrate at Blind River; uranium hexafluoride (UF₆), produced at Port Hope for subsequent enrichment; and uranium dioxide (UO₂), used in fuel for CANDU reactors. Cameco also sells uranium conversion services.[9][10][11] [9][10][11]
Geographic presence
Cameco is headquartered in Saskatoon, Saskatchewan. Its Canadian uranium operations are concentrated in northern Saskatchewan, including Cigar Lake and McArthur River/Key Lake. Outside Canada, it holds a 40% interest in the Inkai uranium joint venture in Kazakhstan; its Smith Ranch–Highland site in Wyoming and Crow Butte site in Nebraska are suspended operations. Its Canadian fuel-services facilities are in Ontario, with refining at Blind River, conversion at Port Hope, and fuel manufacturing in Port Hope and Cobourg.[12][13][14][15][16][10][17]
Cameco sells to customers across the Americas, Europe and Asia. In 2025, revenue attributed to customer location was C$1.815 billion from the Americas (52.1% of total revenue), C$890 million from Europe (25.6%), and C$777 million from Asia (22.3%). The reported geographic breakdown does not distinguish individual countries within those regions.[18] [12][13][14][15][16][10][17][18][12][13][14][15][16][10][17][18]
Business segments
Cameco reports three segments: Uranium, Fuel Services and Westinghouse. Uranium covers exploration, mining, milling, and the purchase and sale of uranium concentrate. Fuel Services covers uranium refining, conversion and fuel fabrication, as well as the purchase and sale of conversion services. In 2025, Uranium generated C$2,874 million, or approximately 83% of Cameco’s consolidated revenue; Fuel Services generated C$608 million, or approximately 17%.[19]
The Westinghouse segment represents Cameco’s 49% interest in Westinghouse, a supplier of nuclear-reactor technology, products and services. Cameco accounts for this investment using the equity method, so Westinghouse’s sales are not included in Cameco’s consolidated revenue and the segment has no comparable revenue percentage.[20][19] [19][20][19][20]
Company history
Cameco Corporation was formed in 1988 through the merger of Saskatchewan Mining Development Corporation and Eldorado Nuclear Limited, two government-owned uranium companies. Saskatchewan later reduced its stake and sold its remaining Cameco shares in 2002. In the 1990s, Cameco expanded beyond its original Canadian holdings: it established the Inkai uranium joint venture in Kazakhstan in 1996, acquired Uranerz’s North American subsidiaries in 1998, and began mining at Saskatchewan’s McArthur River in 1999.[21][22][23][24][14]
Cameco acquired nuclear-fuel producer Zircatec in 2006. That year, a water inflow at its Cigar Lake mine disrupted development; ore production there began in 2014. Cameco suspended production at McArthur River and its associated Key Lake mill in 2018, then restarted the operations in 2022. In 2023, it completed the acquisition of a 49% interest in Westinghouse Electric Company alongside Brookfield, expanding its role in the nuclear industry beyond uranium mining and fuel services.[25][26][27][28][29][30] [21][22][23][24][14][25][26][27][28][29][30]
Sources
- www.cameco.com[1]
- www.cameco.com[2]
- www.cameco.com[3]
- www.cameco.com[4]
- www.cameco.com[5]
- www.cameco.com[6]
- www.cameco.com[7]
- www.camecoaustralia.com[8]
- www.cameco.com[9]
- www.cameco.com[10]
- www.cameco.com[11]
- www.sec.gov[12]
- www.cameco.com[13]
- www.cameco.com[14]
- www.cameco.com[15]
- www.cameco.com[16]
- www.cameco.com[17]
- www.sec.gov[18]
- www.sec.gov[19]
- www.cameco.com[20]
- iaac-aeic.gc.ca[21]
- www.saskatchewan.ca[22]
- inkai.kazatomprom.kz[23]
- www.nucnet.org[24]
- www.sec.gov[25]
- www.sec.gov[26]
- www.cameco.com[27]
- www.cameco.com[28]
- www.cameco.com[29]
- www.cameco.com[30]
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