Cameco, a leading global uranium fuel provider, is advocating for a long-term strategy within the uranium industry amidst prevailing global trade uncertainties. CEO Tim Gitzel, during the company’s quarterly results announcement, emphasized the crucial role of the nuclear fuel cycle and the growth potential of nuclear energy. The ongoing uncertainty stemming from global trade policies and unclear market access necessitates that the industry adapt its procurement plans, especially given the threat of tariffs. Gitzel highlighted the need for fuel buyers to secure downstream conversion and enrichment services before acquiring natural uranium.
He further stated that a move upstream, prioritizing the security of uranium supply, is both inevitable and unavoidable in the current market conditions. Securing long-term uranium contracts is essential for both buyers and sellers, as it supports mining economics and encourages investments in new projects. While acknowledging the ongoing challenges related to sulphuric acid availability and maintaining a robust supply chain, Gitzel also pointed to positive developments, including the World Bank’s plan to lift its ban on funding nuclear projects and extensions of reactor operating licenses in the US. China’s continued investment in nuclear reactors further underscores the growth potential in the nuclear energy market. Cameco continues to prioritize exploration and secure high-quality properties in the Athabasca Basin.
