Le Lézard
Classified in: Mining industry
Subject: MISCELLANEOUS

Cameco Pleased with Section 232 Decision on U.S. Uranium Imports


SASKATOON, Saskatchewan, July 13, 2019 (GLOBE NEWSWIRE) -- Cameco (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 232.

"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.

Profile

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 Saskatoon, Saskatchewan.

Investor inquiries:   Rachelle Girard   306-956-6403

Media inquiries:   Jeff Hryhoriw   306-385-5221


These press releases may also interest you

28 mar 2020
As of March 28, the Irish government imposed strict restrictions in the country, which has halted production in the Tara mine until further notice. The Irish restrictions are announced to last for at least 14 days. Boliden is evaluating how supply of...

27 mar 2020
Trevali Mining Corporation ("Trevali" or the "Company") The Peruvian President announced on March 26th that the Government extended the state of National Emergency which restricts travel in its efforts to contain the outbreak of COVID-19 to April...

27 mar 2020
TECHNOMARK North America has partnered with Stratasys as a charter member of the COVID Coalition to help organize a coordinated industry response to the COVID-19 public health crisis. The objective of the COVID Coalition is to match caregivers in...

27 mar 2020
Bunker Hill Mining Corp. ("Bunker Hill" or the "Company") is pleased to announce the appointment of Mr. Richard Williams to the Company's Board of Directors and as Executive Chairman of the Company. "I am excited and honoured to be joining the...

27 mar 2020
Southstone Minerals Limited ("Southstone" or the "Company") announces the closure of the Oena mine in the Northern Cape, South Africa in compliance with the South African government's instructions for a 21 day lockdown period starting from March...

27 mar 2020
Guyana Goldfields Inc. (the "Company") today announced the results of an updated Mineral Resources and Mineral Reserves estimate (the "R&R Update") and an updated life of mine plan (the "LOM Plan") on its 100% owned Aurora Gold Mine (the "Mine")...



News published on 14 july 2019 at 00:40 and distributed by: