This week, Trump threatened to slap a 25% tariff on all goods from Canada and Mexico. This could inflate prices of the radioactive material unless uranium receives exemptions.
Canada is the world’s No. 2 producer of uranium after Russia. About 85% of its production is exported. Companies say the commodity is in acute shortage.
Vancouver-based uranium exploration company NexGen Energy is still at least four years away from producing in Canada. Company officials told Reuters they were in advanced discussions about possible off-take agreements with US utility companies that are gearing up to produce more nuclear power to meet growing electricity demand.
“We’ve never been busier on that front, and it has dramatically picked up after the Russian announcement and I would say that the utilities are very keen to see a new Canadian uranium miner to diversify the risk,” said Travis McPherson, chief commercial…
