The CEO of Cameco Corp, a Saskatchewan-based company, emphasized that the recent nuclear reactor deal does not involve the U.S. government in its primary uranium mining operations. The agreement entails the U.S. government facilitating financing, permits, and approvals for over $80 billion US worth of new nuclear reactors, utilizing Westinghouse technology co-owned by Cameco and Brookfield Asset Management.
During a conference call discussing third-quarter results, CEO Tim Gitzel clarified that the U.S. government’s involvement is solely focused on the Westinghouse business and does not extend to Cameco’s core activities. This partnership is aimed at enhancing their market presence and creating value for stakeholders.
Chief Operating Officer Grant Isaac described the U.S. government’s role as a catalyst for developing power to ensure domestic energy security. Various options are being considered, including financing plants owned by other entities, initiating government-led projects, or a joint approach where a plant is built and transferred to a utility for operation.
Westinghouse’s AP1000 pressurized water reactor, known for its advanced capabilities, is expected to be deployed under the deal, supplying over one gigawatt of electricity to power grids. There is also a possibility of Westinghouse becoming an independent entity with significant U.S. government ownership, reflecting a strategic investment focus.
Cameco recently increased its annual dividend and reported a net loss for the quarter ended Sept. 30, attributed to lower revenue from products and services compared to the previous year. However, on an adjusted basis, the company showed improved earnings per diluted share in the latest quarter.
