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SASKATOON, Saskatchewan, July 13, 2019 (GLOBE NEWSWIRE) – Cameco (TSX: CCO; NYSE: CCJ) reacted today to President Donald Trump's decision to put in place no new trade restrictions on the import of uranium to the United States as a result of the investigation conducted under section 232 of the record.
"We are delighted with this decision," said Tim Gitzel, President and CEO of Cameco. "The uranium provided by Cameco or Canada to produce zero-carbon energy has never been a threat to US national security, and we have worked hard to emphasize this distinction throughout of this process. "
The president also announced the creation of a US task force on nuclear fuel to further badyze the state of nuclear fuel production in the United States and to report in a 90-day period with findings and recommendations to build national capacity, as appropriate. This initiative could broaden the range of options that could be considered to badist the US uranium industry beyond the trade-related remedies allowed under the article. 232.
"Cameco will participate in this group's efforts in every way possible," said Gitzel. "As a long-term producer, employer, supplier and commercial investor in the uranium and nuclear power sectors in the United States, we want this industry to succeed and grow.
"With operations on both sides of the border, Cameco also believes that it would be extremely helpful to intensify cooperation between the United States and Canada to address the critical issues of minerals and to enhance security of supply in Canada." a North American base rather than a national base, "said Gitzel. "The recent commitment by President Trump and Prime Minister Trudeau to develop a joint action plan on collaboration in the critical minerals sector is an excellent initiative and we believe that uranium is a key element of this initiative. strategy."
The United States is the largest global nuclear energy market and Cameco's largest customer by country, accounting for approximately 25% of our total sales in 2018. Over the past 30 years, we have been supplying uranium to all owners of a nuclear power plant in the United States. In addition to being the largest producer of uranium in Canada, Cameco has been the largest producer of uranium in the United States for most of the past two decades.
The uncertainty resulting from this investigation has weighed heavily on the uranium industry for much of the past year, aggravating an already difficult global market. Although some uncertainties remain until the task force's efforts are completed, the President's decision is generally positive.
Profile
Cameco is one of the largest suppliers of uranium fuel in the world. Our competitive position is based on our majority control of the world's largest reserves and our low-cost activities. Our uranium products are used to produce clean electricity in nuclear power plants around the world. Our shares are traded on the Toronto and New York Stock Exchanges. Our head office is located in Saskatoon, Saskatchewan.
Investor inquiries: Rachelle Girard 306-956-6403
Media requests: Jeff Hryhoriw 306-385-5221
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