A Saskatchewan uranium mining company says it is taking a wait-and-see attitude to the potential threat of tariffs on U.S. uranium imports.
The United States Department of Commerce has launched an investigation into whether foreign uranium imports into the country threaten national security.
“It’s too early to speculate on what effect this investigation could have on Cameco or our Canadian and U.S. operations,” Cameco CEO Tim Gitzel says in a released statement. “We will need to see what the investigation finds, if any trade action is recommended, and what specific remedies might be pursued before the potential impact, positive or negative, can be determined.”
The release notes an investigation could take up to 270 days to complete.
Once completed, the president has up to 90 days to make a decision of what action, if any, will be taken.
The top five uranium producers in the world accounted for roughly 70 per cent of total global production in 2017 and Cameco is the only publicly traded company within this group.
Cameco also has U.S. operations that are currently in a state of care and maintenance.
When in operation, the company was the largest uranium producer in the United States and in Canada.
The United States has 99 reactors of 447 operable units in the world.
It is currently the largest nuclear energy producer on the planet and Cameco’s biggest customer by country.
About 30 per cent of Cameco’s total sales by volume last year were to U.S. utilities.
(PHOTO: Cameco CEO Tim Gitzel speaks to students. File photo.)