Cameco (TSX: CCO; NYSE: CCJ) says it has temporarily suspended operations at its Cigar Lake mine in northern Saskatchewan, citing disruptions at the McClean Lake mill operated by France’s Orano.
The McClean Lake mill, where ore from Cigar Lake is normally processed, has encountered operational challenges with its sulphuric acid plant that caused it to shut down in order to repair the issue, the uranium miner said in a news release on Wednesday. Orano is currently working to bring the plant back online and is assessing options to obtain acid supply from an alternative source while it waits for replacement parts to complete the repair, Cameco added. The site is located 750 km north of Saskatoon.
“With limited ore storage capacity at Cigar Lake, we have temporarily suspended mining activities until sufficient acid is available to allow processing to resume at McClean Lake,” Cameco’s statement reads.
McClean Lake represents one of the world’s largest uranium processing facilities, with an annual production capacity of 24 million lb. in concentrates. Cigar Lake, situated 70 km southwest of the mill, is the world’s highest-grade uranium mine.
Shares of Cameco moved little during the early hours of trading despite the operational setback. Trading at about $102 a share in New York, the company has a market capitalization of $44.6 billion.
Two-week stoppage
The company expects the McClean Lake mill to resume in about two weeks and does not anticipate an impact on its 2026 production outlook for Cigar Lake, though it did not rule out a longer-than-expected disruption.
Depending on the duration of any additional delays, 2026 production outlook could be impacted, it said.
McLean Lake is operated by Orano as its majority owner (77.5%) in partnership with Denison Mines (TSX: DML), which holds a 22.5% stake.
Since Cigar Lake was commissioned in 2014, the operation has produced a total of 174.5 million lb. of yellowcake.
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