Cameco’s Cigar Lake uranium mine in northern Saskatchewan. Credit: Cameco
Canadian uranium miner and producer Cameco says prices for US customers could rise by 10% if President Trump’s tariffs are implemented, weighing heavily on the country that relies primarily on imports of the ore.
Executives on the company’s earnings call also said they could look to diversify away from the US to opportunities in other markets, as they have done with new customers in Central and Eastern Europe.
Trump looks to slap 10% tariffs on any energy imports from Canada from March 4.
For the US, in 2023, Canada was the largest source of uranium, supplying 27%, followed closely by Australia and Kazakhstan with 22% of deliveries each, according to data from the US Energy Information Administration.
“A 10% proposed tariff from a major supply source like Canada will effectively raise the uranium price by 10% because…
