Cameco, Brookfield complete Westinghouse acquisition

November 10, 2023, 9:30AMNuclear News

Cameco, the front-end uranium mining, milling, and conversion company headquartered in Saskatchewan, Canada, is now officially a co-owner of Westinghouse Electric Company—alongside Brookfield Asset Management, its publicly listed affiliate Brookfield Renewable Partners, and its institutional partners.

Investment opportunities for nuclear energy

October 19, 2023, 9:30AMANS Nuclear Cafe


Nuclear energy stocks “have become far more compelling to many investors in recent years,” and “there are good reasons to support this carbon-free source of energy,” according to investment entrepreneur and financial lecturer Jason Hall. In an article recently published by The Motley Fool, Hall discusses the opportunities and risks of investing in nuclear energy companies and offers his perspective on three top nuclear energy stocks.

Nuclear basics and new innovations: Hall started at the beginning, describing the most basic aspects of nuclear energy: the production of heat through fission, the generation of electricity via turbines, and the mining and enrichment of uranium for fuel. He noted that there “are only a small handful of companies with the expertise and financial strength to deal with nuclear reactors, and almost all are either private, state-owned, or the subsidiary operation of a large industrial conglomerate.”

The U.S. nuclear fuel Gordian knot: From global supplier to vulnerable customer

May 19, 2023, 3:01PMNuclear NewsMatt Wald

This article is the second in a series about the domestic nuclear fuel crisis. The first in the series, “‘On the verge of a crisis’: The U.S. nuclear fuel Gordian knot,” was published on Nuclear Newswire on April 14, 2023.

Once upon a time, enrichment was a government monopoly—at least outside the Soviet bloc. But the United States, eager to get out of the field, was convinced that the private sector could do it better. Now, the West is dependent on the Soviets’ successors and is facing an uncertain supply, a complication of the Russian invasion of Ukraine.

Slowly, a consensus is growing that dependence on imports is a bad idea. Some experts also say that upsets like the 2011 Tōhoku earthquake and tsunami, and the collapse of natural gas prices due to fracking, show that the market is too prone to shocks for private companies to navigate without support. One of the architects of the U.S. government’s exit from the enrichment game is now voicing second thoughts. And belatedly—shortly after the first anniversary of the beginning of the Russian invasion—five Western countries, including the United States, announced that they have to get more deeply involved in the fuel supply chain, but didn’t say precisely how.

Cameco, Urenco sign contracts for Kozloduy fuel supply

April 25, 2023, 7:00AMNuclear News
Various officials (back row) look on at the fuel supply contract signing in Sofia, Bulgaria. Front row, from left: Angie Darkey, Uranium Asset Management’s managing director; Boris Schucht, Urenco CEO; Tim Gitzel, Cameco president and CEO; and Aziz Dag, Westinghouse senior vice president of global BWR & VVER fuel business.

Canada’s Cameco and U.K.-based Urenco last week jointly announced the signing of agreements to become part of a Westinghouse-led fuel supply chain for Bulgaria’s Kozloduy nuclear power plant. (Also included in the partnership is Uranium Asset Management.)

Cameco, Bruce Power extend fuel supply pact through 2040

April 10, 2023, 8:14AMNuclear News
From left: David Piccini, Ontario’s minister of environment, conservation, and parks; Mike Rencheck, president and CEO, Bruce Power; Tim Gitzel, president and CEO, Cameco; and Todd Smith, Ontario’s minister of energy. (Photo: Bruce Power)

Canadian firms Cameco and Bruce Power have announced a 10-year extension of their long-term exclusive nuclear fuel supply arrangements, securing power generation from the eight-unit 6,507-MWe Bruce nuclear plant through 2040.

Looking back at 2022—October through December

January 6, 2023, 9:09AMNuclear News

Another calendar year has passed. Before heading too far into 2023, let’s look back at what happened in 2022 for the American Nuclear Society and the nuclear community. In today's post that follows, we have compiled from Nuclear News and Nuclear Newswire what we feel are the top nuclear news stories from September through December 2022.

But first:

Westinghouse changes hands again as Cameco buys into $7.9 billion deal

October 12, 2022, 3:15PMNuclear News
Cameco headquarters in Saskatoon, Saskatchewan, Canada. (Photo: Cameco)

Five years after bankruptcy, Pennsylvania-based Westinghouse is being sold again, this time with a 49 percent share going to Cameco Corp., the front-end uranium mining, milling, and conversion company headquartered in Saskatchewan, Canada. Cameco and Brookfield Business Partners, based in Toronto, Ontario, announced the deal yesterday. Once it closes as expected, in the second half of 2023, Brookfield Renewable Partners and other Brookfield institutional partners will own a 51 percent interest in a consortium with Cameco.

GLE eyes earlier enrichment, inks agreements with two largest U.S. utilities

July 11, 2022, 9:30AMNuclear News

Global Laser Enrichment (GLE) signed separate, nonbinding letters of intent in June with the two largest nuclear power operators in the United States—Constellation and Duke Energy—to assess potential nuclear fuel supply chain cooperation, including support for GLE’s deployment of laser enrichment technology in the United States. According to GLE president and chief commercial officer James Dobchuk, who delivered a presentation on June 7 at the World Nuclear Fuel Market Annual Meeting, the company’s baseline deployment schedule could be accelerated by about three years (under favorable market conditions) to supply the nuclear fuel market with uranium in a range of enrichment levels in 2027.

Cameco to restart production at McArthur River uranium mine

February 14, 2022, 9:00AMNuclear News
Mining at McArthur River takes place between 530 and 640 meters belowground. (Photo: Cameco)

Citing “improving market sentiment,” Tim Gitzel, president and chief executive officer of the Canadian uranium mining company Cameco, announced on February 9 the planned restart of operations at the McArthur River mine in Saskatchewan.

From the pages of Nuclear News : Industry update

November 1, 2021, 3:01PMNuclear News

Here is a recap of industry happenings over the course of the past month:


Terrestrial Energy and Cameco examine partnership for deploying IMSR Generation IV nuclear power plants

  • Terrestrial Energy and Cameco Corporation have signed a non-binding and non-exclusive memorandum of understanding to examine potential partnership opportunities to deploy Terrestrial Energy’s Integrated Molten Salt Reactor (IMSR) Generation IV nuclear power plants in North America and worldwide. The partnership would also evaluate possible opportunities for the supply of uranium, fuel, and other services. As part of these activities, the companies are investigating the potential of Cameco’s Port Hope uranium conversion facility in Ontario, Canada, for IMSR fuel salt supply.

DOE moves on sale and disposal of depleted uranium

June 11, 2020, 2:05PMRadwaste Solutions

The Department of Energy has signed an amendment to a 2016 sales agreement with Global Laser Enrichment (GLE) that will provide the company with access to large stockpiles of DOE-owned depleted uranium hexafluoride (DUF6) tails as GLE looks to build its proposed uranium enrichment facility at the DOE’s Paducah site in Kentucky. As announced on June 5, the amendment is one of the conditions of a 2019 agreement by Australia’s Silex Systems Limited, Canada’s Cameco Corporation, and GE Hitachi Nuclear Energy for the restructuring of GLE, the exclusive licensee of Silex’s laser uranium enrichment technology.

Separately, the DOE announced on June 5 that it has issued a formal record of decision for the shipment and disposal of depleted uranium oxide from the former gaseous diffusion plants at the department’s Paducah and Portsmouth sites in Ohio to one or more disposal facilities in the western United States.

Pandemic halts or slows work at uranium facilities

April 20, 2020, 5:53PMNuclear News

Several companies involved in the front end of the nuclear fuel cycle have announced temporary shutdowns or staffing reductions in response to the COVID-19 pandemic. While the modest increase in uranium spot prices triggered by production cuts could be a silver lining, uranium prices are still below a level that would prompt idled mines to get back in production once public health mandates are lifted.

The uranium market is global, and it should come as no surprise that a global pandemic is having an impact on facilities around the world, including in the following countries.