After months of uncertainty, the United States government has determined that Canadian uranium imports do not pose a national security threat.
The decision Saturday means there will be no new trade restrictions implemented on Cameco.
“We’re obviously pleased that no new trade restrictions will be applied against uranium imports by the United States. We’ve contended that uranium supplied by Cameco and Canada for zero carbon energy generation has never been a threat to U.S. national security,” said communications spokesperson Jeff Hryhoriw.
The United States Nuclear Fuel Working Group has been established to analyze nuclear fuel production and report back within 90 days. “Cameco will participate in the efforts of this working group in any way we can,” Cameco CEO Tim Gitzel said. “As a long-term commercial producer, employer, supplier and investor in the U.S. uranium and nuclear energy sectors, we want to see this industry succeed and grow.”
As for Cameco’s nuclear production, that will remain unchanged.
“It’s really business as usual for the foreseeable future, due to the fact there won’t be any import restrictions applied on Canadian uranium. We may see some continuing uncertainty until the efforts of the Working Group are complete. But, overall this is a very positive outcome,” Hryhoriw explained.
The U.S. is the world’s largest nuclear energy market and accounts for approximately 25 percent of sales by volume from Cameco.
Cameco has also been awarded $40.3 million against Tokyo Electric Power Company in the cancellation of a supply management contract.