Cameco (NYSE: CCO) Critical Minerals Exposure

Cameco is one of the world's largest uranium producers, headquartered in Saskatoon. Its mines in northern Saskatchewan include some of the highest-grade uranium deposits ever found, and it shares in production in Kazakhstan too. Beyond mining, Cameco refines and converts nuclear fuel, and it co-owns the reactor company Westinghouse, making it one of the most integrated businesses in the nuclear fuel chain.

Uranium is Cameco's critical mineral, and few companies have as much of it. It mines high-grade ore at McArthur River and Cigar Lake in Saskatchewan, mills it at Key Lake and McClean Lake, then refines and converts it at Blind River and Port Hope in Ontario. Through Westinghouse it reaches further down the chain, supplying fuel and services to reactors, so it benefits directly from nuclear power's role in low-carbon electricity and in powering data centres.

Cameco's uranium mines and mills are in the Athabasca Basin of northern Saskatchewan: McArthur River, Key Lake and Cigar Lake, with Cigar Lake ore milled at McClean Lake. Its refinery at Blind River and conversion facility at Port Hope are in Ontario, its Inkai joint venture is in Kazakhstan, and it co-owns Westinghouse with Brookfield.