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Cameco optimistic about market for Blind River refined uranium, says CEO

With countries sanctioning Russian energy imports, Cameco is positioned to fill the gap
Cameco president and CEO Tim Gitzel says the company is hoping to get more business due to the Russian invasion of Ukraine.

The invasion of Russia in Ukraine, although shocking and devastating, might see increased business in the uranium refinery business Cameco president and CEO Tim Gitzel said.

Speaking at a press conference Monday, on a $35,000 donation from Cameco to Blind River, Gitzel said worldwide efforts to reduce the use of fossil fuel and go to uranium refined fuel for nuclear reactors could reduce climate change said his company pick up more work.

The EU, as part of its sanctions against Russia for its invasion of Ukraine has vowed to cut off Russian imports of oil and natural gas. They are also considering cutting off other fuel supplies including refined uranium. Gitzel was in the Czech Republic, also called Czechia, last week.

According to Gitzel, Russia supplies about 30 per cent of nuclear reactor fuel and is a major competitor of Cameco’s refined uranium production. Cameco is one of the largest suppliers in the world from its Blind River and Port Hope facilities. The local facility has a workforce of 140.

Gitzel said. “We’re going to be moving away from fossil fuels, people are going to do that and are starting to look at nuclear fuel.”

“With these really unfortunate events in Russia moving into Ukraine, the Russians were responsible for about 30 per cent of the nuclear fuel sold around the world,” he said. “I was in the Czech Republic last week and nobody wants to deal with them (Russia) anymore. So now they’re calling on us and western countries to see where is the fuel coming from."

"It’s going to come from here in Blind River and Port Hope," he assured those attending the press conference. “We’re going to be here in Blind River for a long time.”


About the Author: Kris Svela

Kris Svela has worked in community newspapers for the past 36 years covering politics, human interest, courts, municipal councils, and the wide range of other topics of community interest
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