Utilities starting to weigh origin risk, says Canadian uranium major

Cameco CEO Tim Gitzel Energy utilities are beginning to pivot towards uranium procurement strategies that more carefully weigh origin risks, uranium major Cameco CEO Tim Gitzel said this week, noting that it was good news for the Canadian company.

He reported that this year had been a contracting success for Cameco, with more than 45-million pounds added to its portfolio of long-term uranium contracts. “We continue to have a significant and growing pipeline of contract discussions,” said Gitzel, but added that the group was “strategically patient”.

“We have significant leverage to market improvements with unencumbered pounds in the ground. Additionally, we are focusing our efforts on capturing conversion business as conversion prices are at record-highs,” he said. Many jurisdictions, which previously placed “too much focus on weather-dependent renewable energy" and are now "struggling with power shortages and spiking prices", were also turning to nuclear for electricity.

But Cameco remained committed to its […]

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