Cameco CEO meets with U.S. lawmakers as world events impact uranium industry – by Michael Joel-Hansen (Saskatoon Star Phoenix – May 15, 2024)

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

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.

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.

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.

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