Cameco Responds to the US Department of Commerce Initiation of a Section 232 Investigation into Uranium Imports
TSX: CCO website: cameco.com
NYSE: CCJ currency: Cdn (unless noted)
2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: 306-956-6200 Fax: 306-956-6201
Cameco Responds to the US Department of Commerce Initiation of a Section 232
Investigation into Uranium Imports
Saskatoon, Saskatchewan, Canada, July 18, 2018 . . . . . . . . . . . . .
Cameco (TSX: CCO; NYSE: CCJ) today responded to the decision by the United States
Department of Commerce (DOC) to launch an investigation into whether the quantity and
circumstances of foreign uranium imports into the US threaten to impair national security.
The announcement by Commerce Secretary Wilbur Ross triggers an investigation that could take
up to 270 days to complete. A report will then be provided to the President of the United States
containing the DOC’s findings and recommendations, if warranted. The President then has up to
90 days to decide whether to concur with the DOC findings and what actions, if any, will be
taken in response.
“It’s too early to speculate on what effect this investigation could have on Cameco or our
Canadian and US operations,” Cameco’s President and CEO Tim Gitzel said. “We will need to
see what the investigation finds, if any trade action is recommended, and what specific remedies
might be pursued before the potential impact, positive or negative, can be determined.”
There will be no immediate impact on Cameco’s existing contracts, and deliveries to our US
utility customers will continue as usual.
Cameco will be following developments on this file very closely. We intend to provide input to
the DOC as its investigation moves forward.
“If the issue in question is the overreliance of the United States on uranium supplied by state-
controlled enterprises from countries not aligned with American policy interests, this clearly
does not apply to Canada or Cameco,” Gitzel said.
The top five uranium producers in the world accounted for roughly 70% of total global
production in 2017. Cameco is the only publicly traded company within that group.
Cameco also has US operations that are currently in a state of care and maintenance. When in
operation, we were the largest uranium producer in the United States, as well as being the largest
producer in Canada.
The United States has 99 reactors out of 447 operable units in the world. It is currently the
largest nuclear energy producer on the planet, and Cameco’s biggest customer by country. About
30% of Cameco’s total sales by volume last year were to US utilities.
- 2 -
Profile
Cameco is one of the world’s largest uranium producers, a significant supplier of conversion
services and one of two Candu fuel manufacturers in Canada. Our competitive position is based
on our controlling ownership of the world’s largest high-grade reserves and low-cost operations.
Our uranium products are used to generate clean electricity in nuclear power plants around the
world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in
Saskatoon, Saskatchewan.
- End -
Investor inquiries: Rachelle Girard 306-956-6403
Media inquiries: Jeff Hryhoriw 306-385-5221