Cameco, the leading uranium producer in Canada, which vies with Namibia as the second-largest provider behind Kazakhstan, benefited from increased demand for nuclear power to help fight climate change, unrest in Kazakhstan and the Russian invasion of Ukraine. The company signed a record number of contracts to sell some 80 million lb. of the metal and resumed output from its McArthur River and Key Lake operations.
“Nuclear is back on with a vengeance and then of course the Russia situation has just really pushed it forward,” Cameco chief executive officer Tim Gitzel told BNN Bloomberg TV on Thursday. “Things are looking really good for us.”
Cameco is preparing to complete by mid-year the joint acquisition with Brookfield Renewable Partners (NYSE: BEP) of nuclear plant builder Westinghouse in a $7.9 billion deal that will complement Cameco’s fuel business, Gitzel said.
Ukraine deal
On Wednesday, Cameco agreed with…
