July 18, 2018 5:51 pm
Updated: July 18, 2018 5:53 pm

Saskatoon-based Cameco responds to U.S. uranium investigation launch

About 30 per cent of Cameco’s uranium sales last year went to facilities in the United States.

File / Global News

The potential impact of a U.S. Department of Commerce (DOC) investigation into uranium imports remains unclear for Saskatoon-based Cameco Corporation.

On Wednesday, Commerce Secretary Wilbur Ross stated the DOC will review “whether uranium imports threaten to impair national security.”

READ MORE: U.S. launches national security investigation into uranium imports

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“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,” Cameco CEO Tim Gitzel said in a news release.

The probe could take up to 270 days to complete and will be followed by a report to U.S. President Donald Trump containing any findings or recommendations if warranted.

Trump will ultimately determine whether any action is taken.

“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.

For now, Cameco’s existing contracts and deliveries to U.S. customers will continue as usual.

Cameco is one of the world’s largest uranium producers, with about 30 per cent of total sales by volume last year going to U.S. facilities.

Canada is the world’s largest foreign supplier of uranium to the U.S.

-With files from The Canadian Press

© 2018 Global News, a division of Corus Entertainment Inc.

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