History
Cameco, a Saskatoon uranium producer, sold its Bruce Power stake, raised equity to buy 49% of Westinghouse in 2023, and by October 2025 had signed a US Government term sheet.
2013-2014: Cigar Lake licence and a refocus on uranium
The record opens in June 2013, when Canada's nuclear regulator granted Cameco a licence to construct and operate its Cigar Lake uranium project, valid from July 1, 2013 to June 30, 2021. Cameco expected to begin jet boring in ore that summer and to produce its first packaged pounds in the fourth quarter of 2013. These were expectations, not results. The files seen do not show whether the licence was later renewed.
In January 2014 Cameco agreed to sell its 31.6% interest in Bruce Power, an Ontario nuclear generating station, to BPC Generation Infrastructure Trust (Borealis) for $450 million, effective December 31, 2013. Management said it would reinvest in its core uranium business. Closing still depended on the other limited partners' right of first offer and on regulatory approvals, and the filings seen do not confirm it. The record is then quiet until 2022.
2022-2023: Buying into Westinghouse
In October 2022 Cameco and Brookfield Renewable announced a partnership to buy Westinghouse Electric Company, with Cameco owning 49% and Brookfield and its partners 51%. The enterprise value was US$7.875 billion. Cameco's share of the equity cost was estimated at about US$2.2 billion, to be funded by a mix of cash, debt and equity. The same filing noted a restart at McArthur River and Key Lake and shipping delays for Inkai material via the Trans-Caspian route.
Five days later Cameco closed a bought deal offering of 34,057,250 shares at US$21.95, raising about US$747.6 million. The shares on issue rose from about 398 million at the end of 2021 to about 433 million at the end of 2022, diluting existing holders.
In early November 2023 all regulatory approvals were received, and the deal closed on November 7. Enterprise value was adjusted to US$8.2 billion. Cameco's 49% share cost US$2.1 billion, paid with US$1.5 billion of cash and two US$300 million term loans maturing in two and three years. The US$280 million bridge facility went unused. Cameco accounts for Westinghouse on an equity basis and did not expect cash distributions in 2023.
2025: Production setbacks and a US Government deal
In January 2025 Cameco said the Inkai joint venture had resumed production after a suspension. It did not say when or why production stopped, and the effect on 2025 plans was still being assessed with Kazatomprom.
On August 28, 2025 Cameco cut its 2025 McArthur River/Key Lake forecast to 14-15 million pounds (100% basis) from 18 million, citing development delays and slower ground freezing in new mining areas. Cigar Lake was still expected to produce 18 million pounds. Cameco said it could meet deliveries from spot purchases, inventory and other sources, and that other outlook items might change.
On October 28, 2025 Cameco and Brookfield signed a binding term sheet with the US Department of Commerce. The US Government is to arrange financing and help with permitting for at least US$80 billion of new Westinghouse reactors. In return it would receive an interest entitling it to 20% of Westinghouse distributions above US$17.5 billion once vested, and could require an IPO under certain conditions. As of that date, definitive agreements and regulatory approvals were still pending.
Written from the 9 story beats below (2013 to 28 Oct 2025), which come from the company's own announcements and filings.