Demand for nuclear power is driving the “best fundamentals ever seen” for the nuclear fuel market, said Canadian uranium major Cameco president and CEOThe geopolitical events of 2022 have accelerated security of supply concerns and, coupled with the ongoing focus on climate change, have created “transformative tailwinds” for the nuclear power industry.
“With the improvements in the market, the new long-term contracts we have put in place and our pipeline of contracting discussions, we are moving to the next phase of our supply discipline,” said Gitzel. Delivery of Cameco's share of 2022 production from the Inkai joint venture was delayed owing to the challenges of transporting uranium via an alternate route that does not rely on Russian rail lines or ports. The first shipment, containing 2.6-million pounds of its share of Inkai’s 2022 production, arrived at a Canadian port in late December. A second shipment containing the majority of Cameco's remaining share of 2022 production is currently in transit.