Cameco CEO meets with U.S. lawmakers as world events impact uranium industry

Tim Gitzel in Washington ahead of a ban on Russian uranium coming into force

Author of the article:

Michael Joel-Hansen

Published May 13, 2024 • Last updated 1 day ago • 3 minute read

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Cameco chief executive Tim Gitzel has been meeting with U.S. officials about uranium supply. PHOTO BY SASKATOON STARPHOENIX/MATT SMITH

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Tim Gitzel has been spending a lot of time in the United States lately.

The chief executive of Saskatoon-based Cameco was recently in Washington, D.C., where he met with lawmakers to talk about a number of issues.

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Among the topics of discussion for Gitzel and his delegation was a recently passed piece of legislation banning Russian uranium imports. The bill has passed both houses of Congress and is waiting to be signed into law by President Joe Biden.

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Gitzel said the Russian invasion of Ukraine has led to some major changes in the uranium market worldwide. Specifically, he said that before the war, the market was a large one with many different players involved.

“The trade in nuclear fuel was pretty wide open around the world,” he said.

But with sanctions being placed on Russia in retaliation for its invasion of Ukraine, the market is becoming smaller. Gitzel said the legislation in the U.S., which is set to go into effect 90 days after it is signed, has a simple aim.

“The goal is to wean off of Russian nuclear fuel,” he said.

Nuclear investment

Gitzel said that due to the trade of uranium historically being so wide open, the U.S. has not developed a large mining capacity nor much capacity with regards to developing nuclear fuel. Because of this, the U.S. has earmarked more than US$2 billion to rebuild its capacities, and investments will be made in a range of different areas, including uranium enrichment.

“They’re looking to restart the uranium business down there where they can,” he said.

Gitzel added that through Cameco’s ownership of Westinghouse Electric Co. LLC, it will also have a role to play in developing the new facilities that will be needed.