SASKATOON, Saskatchewan, July 13, 2019 (GLOBE NEWSWIRE) – Cameco (TSX: CCO; NYSE: CCJ) today responded to President Donald Trump's decision not to implement new trade restrictions on uranium imports in the United States after the Section 232 investigation into the matter.
"We are pleased with this decision," said Cameco president and CEO Tim Gitzel. "The uranium supplied by Cameco or Canada for the generation of zero-carbon energy has never been a threat to the national security of the United States, and we work hard to emphasize that distinction throughout this process."
The President also announced the establishment of a Nuclear Fuel Working Group of the United States to further analyze the state of the US nuclear fuel production. UU And report within 90 days with findings and recommendations to improve national capacities if deemed necessary. This initiative can expand the range of options that could be considered to support the Uranium industry in the United States beyond the trade-related resources allowed in Section 232.
"Cameco will participate in the efforts of this working group in everything we can," said Gitzel. "As a long-term commercial producer, employer, supplier and investor in the Uranium and nuclear energy sectors in the United States, we want this industry to be successful 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 problems and strengthen security of supply on a North American, rather than a strictly national, basis," said Gitzel. "The recent commitment of President Trump and Prime Minister Trudeau to develop a joint action plan on collaboration with critical minerals is an excellent initiative, and we see that uranium is 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 approximately 25% of our total volume sales in 2018. Over the past 30 years, we have supplied uranium to all owners of a power plant. nuclear power of the United States. In addition to being the largest producer of uranium in Canada, Cameco was the largest producer of uranium in the United States for most of the past two decades.
The uncertainty resulting from this investigation has been maintained for most of last year in the uranium industry, which has aggravated a global market that already presents challenges. While some uncertainty will remain until the efforts of the working group are completed, the President's decision is generally a positive outcome.
Cameco is one of the world's largest suppliers of uranium fuel. Our competitive position is based on our controlling property of the high-grade reserves and the largest low-cost operations in the world. Our uranium products are used to generate clean electricity in nuclear power plants around the world. Our shares are listed on the stock exchanges of Toronto and New York. Our head office is in Saskatoon, Saskatchewan.
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