Cameco Soars on C$500M Deal with Indigenous-Owned Airline
Landmark 15-year agreement with Rise Air secures critical workforce transportation for northern Saskatchewan uranium operations, signaling long-term investment in the region.
Cameco Corporation saw its shares climb 2.1% on elevated trading volume after announcing a landmark 15-year agreement worth approximately C$500 million with Rise Air, an Indigenous-owned airline, to provide essential workforce transportation services for its northern Saskatchewan operations. This historic deal, signed in partnership with Orano Canada Inc., marks the most significant commitment to date between the companies and underscores the growing importance of the Canadian uranium industry.
The agreement is a game-changer for Rise Air, providing the airline with the stability needed for long-term planning and investment. 'Securing a 15-year agreement is truly transformative for Rise Air,' said Derek Nice, CEO of Rise Air. 'It means we can plan for the future with confidence — investing in modern equipment, upgrading our facilities, and expanding hiring and training. Most importantly, it allows us to focus on building long-term careers for residents of northern Saskatchewan.'
For Cameco and Orano, the partnership secures a critical component of their supply chain, ensuring the safe and reliable transportation of their workforce to remote mining sites. 'Air transportation is critical to our operations in northern Saskatchewan. Without the ability to fly workers to our remote sites, we cannot operate,' said Tim Gitzel, president and CEO of Cameco. 'This contract ensures continued access to our sites through an exciting new fleet of aircraft.'
The deal also represents a significant investment in Indigenous communities and regional economic development. Rise Air is 100% Indigenous-owned, with Athabasca Basin Development and Prince Albert Development Corp as owners, collectively impacting 12 First Nations and four municipalities. 'By signing this 15-year agreement, it demonstrates a continued long-term investment, and as both a community leader and a community member, I am happy to see this type of long-term commitment formalized in this way,' said Coreen Sayazie, Chief of Black Lake First Nation.
The agreement comes as the uranium market continues to show signs of a resurgence, driven by a renewed global interest in nuclear energy as a clean and reliable power source. This long-term commitment to workforce transportation signals Cameco's confidence in the future of its Saskatchewan operations and its commitment to a sustainable and collaborative approach to resource development.