Cameco has temporarily halted mining at Cigar Lake following an acid plant failure at Orano’s McClean Lake mill, where the ore is processed. Cameco expects the mill back online within two weeks and sees no impact on 2026 guidance for now, though this remains at risk if repairs take longer than anticipated or alternative acid supply cannot be secured in time. We suspect Cameco is pursuing alternative acid supply in parallel with the repair in order to restart milling sooner and limit the risk to 2026 production guidance.
Following our report on the bridge collapse impact at McArthur River in May, we reiterate that Cameco’s 2026 guidance is hanging by a thread, both on production and spot market purchases. McArthur River resumed operations faster than we had anticipated, which limited the impact there. Now we have this.
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