Cameco’s Cigar Lake uranium mine in northern Saskatchewan has ground to a halt as the processing mill at McLean Lake undergoes emergency repairs, the company announced Wednesday. The suspension, effective immediately, halts ore production at one of the world’s richest uranium deposits.
Mill Repairs Trigger Shutdown
The McLean Lake uranium mill, operated by Orano Canada, processes ore from Cigar Lake. Cameco stated that the mill experienced a mechanical failure requiring immediate attention. “Repairs are underway, and we are working closely with Orano to resume operations as safely and quickly as possible,” said Cameco spokesperson Jeff Hryhoriw in a statement.
The Cigar Lake mine produced 18.3 million pounds of uranium in 2025, accounting for a significant portion of Cameco’s output. The duration of the shutdown remains uncertain, but analysts estimate that a two-week halt could reduce annual production by up to 700,000 pounds.
Impact on Uranium Market
The outage comes amid a tightening global uranium market, with prices hovering near $80 per pound. “Any supply disruption from a major producer like Cameco could put upward pressure on prices,” said energy analyst Mark Bielecki of Uranium Insights. Cameco shares fell 2.3% on the Toronto Stock Exchange following the announcement.
Cameco has not revised its 2026 production guidance yet, but the company noted that it will provide updates as the repair timeline becomes clear. The Cigar Lake mine employs approximately 500 workers, many of whom are now on temporary leave.
Safety and Environmental Precautions
Cameco emphasized that the shutdown is precautionary and that all safety protocols are being followed. “There is no risk to public health or the environment,” Hryhoriw said. The company is monitoring the situation and will resume operations only after the mill is deemed safe.
The McLean Lake mill has a capacity of 24 million pounds per year and also processes ore from other regional mines. Orano Canada declined to comment on the specific nature of the repair.
