Cameco Corporation is engaged in the nuclear fuel cycle from exploration to fuel services. Its operations include uranium mining, refining, conversion, and fuel manufacturing for heavy water reactors. The company has expanded its participation in the nuclear fuel value chain through investments in Westinghouse Electric Company and GLE, which focuses on enrichment technology.
Cameco generates revenue primarily from the sale of uranium concentrates (U₃O₈), uranium…
Cameco Corporation is engaged in the nuclear fuel cycle from exploration to fuel services. Its operations include uranium mining, refining, conversion, and fuel manufacturing for heavy water reactors. The company has expanded its participation in the nuclear fuel value chain through investments in Westinghouse Electric Company and GLE, which focuses on enrichment technology.
Cameco generates revenue primarily from the sale of uranium concentrates (U₃O₈), uranium trioxide (UO₃), uranium hexafluoride (UF₆), uranium dioxide (UO₂), and fuel bundles for CANDU reactors. Revenue is also derived from conversion services, fuel manufacturing, and its 49% interest in Westinghouse, which designs and manufactures nuclear fuel for light water reactors and provides fuel cycle services. The company serves utility companies globally under long-term contracts, with a significant portion of revenue denominated in U. S. dollars.
The company operates through the following segments: Uranium, Fuel Services, Westinghouse, and Other Nuclear Fuel Cycle Investments.
- Uranium: This segment involves the mining and milling of uranium concentrates from tier-one operations including McArthur River and Key Lake in Saskatchewan, Cigar Lake in Saskatchewan, and Inkai in Kazakhstan. Tier-two operations include Rabbit Lake in Saskatchewan, Smith Ranch-Highland in Wyoming, and Crow Butte in Nebraska. Advanced projects under development are Millennium in Saskatchewan, Yeelirrie in Australia, and Kintyre in Australia. Exploration activities are focused on North America with approximately 0.75 million hectares of land held. The segment produced 15% of world uranium production in 2025 from tier-one operations.
- Fuel Services: This segment provides refining, conversion, and fuel manufacturing services. The Blind River refinery in Ontario processes uranium concentrates into uranium trioxide (UO₃). The Port Hope conversion facility in Ontario converts UO₃ to uranium hexafluoride (UF₆) for light-water reactors or uranium dioxide (UO₂) for CANDU heavy-water reactors. Cameco Fuel Manufacturing Inc. (CFM) in Ontario manufactures fuel bundles, reactor components, and monitoring equipment for CANDU reactors. The segment holds about 18% of world primary conversion capacity for UF₆.
- Westinghouse: Cameco holds a 49% interest in Westinghouse Electric Company in a strategic partnership with Brookfield. Westinghouse designs and manufactures nuclear fuel supplies and intermediate products, provides fuel cycle services for light water reactors, and develops equipment for new AP1000 nuclear reactors and small modular reactors. Operations include fuel fabrication facilities in Columbia, South Carolina; Springfields, United Kingdom; and Västerås, Sweden. The investment augments Cameco’s core business by adding fuel fabrication, design, and engineering capabilities for light water reactors.
- Other Nuclear Fuel Cycle Investments: This segment includes Cameco’s 49% interest in GLE, which is testing third-generation laser enrichment technology based on the proprietary SILEX process. GLE is the exclusive licensee of this technology, currently in the development phase. If successful, the technology would allow Cameco to participate in uranium enrichment, completing its presence across the nuclear fuel value chain from mining to enrichment.
Cameco is one of the world’s largest uranium producers, with tier-one operations accounting for 15% of global uranium production in 2025. The company controls ownership of some of the world’s largest high-grade uranium mineral reserves, including approximately 433 million pounds of proven and probable reserves. Its integrated operations across the nuclear fuel cycle, long-term contract portfolio, and strategic investments in Westinghouse and GLE provide a competitive advantage in supplying reliable nuclear fuel to utilities worldwide.
Cameco serves utility companies that operate nuclear power plants, including those operating CANDU heavy-water reactors and light water reactors globally. Specific customer names are not disclosed in the filing, but the company’s business model relies on long-term supply contracts with nuclear utilities in North America, Europe, and Asia. The company also supplies conversion services and fuel to reactors supported by its Fuel Services and Westinghouse segments.