Cameco Pleased with Section 232 Decision on U.S. Uranium Imports
(TSX: CCO; NYSE: CCJ) today responded to
the decision by President Donald Trump to implement no new trade
restrictions on uranium imports into the United States following
the Section 232 investigation into the matter.
“We are pleased with this decision,” said Cameco President and
CEO Tim Gitzel. “Uranium supplied by Cameco or Canada for
zero-carbon energy generation has never been a threat to U.S.
national security, and we worked hard to emphasize that distinction
throughout this process.”
The President also announced the establishment of a United
States Nuclear Fuel Working Group to further analyze the state of
U.S. nuclear fuel production and report back within 90 days with
findings and recommendations to enhance domestic capabilities if
deemed to be necessary. This initiative may broaden the range of
options that could be considered to support the U.S. uranium
industry beyond the trade-related remedies permitted under Section
“Cameco will participate in the efforts of this working group in
any way we can,” 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.
“With operations on both sides of the border, Cameco also sees
tremendous value in increasing cooperation between the United
States and Canada to address critical mineral issues and strengthen
security of supply on a North American, rather than strictly
national, basis,” Gitzel said. “The recent commitment by President
Trump and Prime Minister Trudeau to develop a joint action plan on
critical minerals collaboration is an excellent initiative, and we
see uranium being a key component of that strategy.”
The United States is the world’s largest nuclear energy market
and Cameco’s largest customer by country, accounting for about 25%
of our total sales by volume in 2018. Over the past 30 years we
have supplied uranium to every owner of a U.S. nuclear power plant.
In addition to being the largest uranium producer in Canada, Cameco
was the largest uranium producer in the United States for most of
the past two decades.
The uncertainty resulting from this investigation has hung over
the uranium industry for much of the past year, compounding an
already challenging global market. While some uncertainty will
remain until the efforts of the working group are complete, the
President’s decision is overall a positive outcome.
Cameco is one of the world’s largest providers of uranium fuel.
Our competitive position is based on our controlling ownership of
the world’s largest high-grade reserves and low-cost operations.
Our uranium products are used to generate clean electricity in
nuclear power plants around the world. Our shares trade on the
Toronto and New York stock exchanges. Our head office is in
Investor inquiries: Rachelle
Media inquiries: Jeff
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