Key Lake is the world’s largest high-grade uranium mill. (Submitted photo/Cameco)

By Derek Cornet

Cameco responds to U.S. tariff threat

Feb 3, 2025 | 4:50 PM

Cameco released a statement on Monday saying the uranium giant does not believe retaliatory tariffs make economic sense, but they understand the need for action by the Canadian and Saskatchewan governments.

“Cameco will take a measured approach to the imposition of tariffs by the United States,” an email from a company spokesperson to larongeNOW reads.

“Canada and the United States have a long-established, positive commercial relationship in the civilian nuclear sector that has spurred economic growth and increased both energy security and national security.”

The statement adds the United States needs a secure western supply of nuclear fuel to address its increasing electricity demands and power its artificial intelligence future, which Cameco can provide. It notes Cameco will continue to push for unencumbered trade in nuclear goods and services between Canada and the United States, allowing both countries to support each other in achieving prosperity.

Cameco is one of the largest global providers of uranium fuel and is a major employer in Northern Saskatchewan. It is one of Canada’s largest employers of Indigenous people with land holdings, including exploration, spanning about 1.8 million acres with the majority located near existing operations in the region.

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Cameco’s head office is in Saskatoon and in Saskatchewan it operates the Key Lake Mill, as well as McArthur River, Cigar Lake and Rabbit Lake mine sites.

larongeNOW reached out to the Saskatchewan Mining Association for comment, but they declined due to the dynamic and sensitive nature of the imposed tariffs from the United States on Canadian exports, and to more fully understand their implications to Saskatchewan producers and consumers in the United States.

On Monday, Prime Minister Justin Trudeau announced he and President Donald Trump agreed to pause tariffs for at least 30 days.Tariffs of 25 per cent on most exported goods and 10 per cent on energy were originally set to begin on Tuesday.

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derek.cornet@pattisonmedia.com