Saskatchewan preps for nuclear energy boom as Canada doubles down on zero-emission power
The province is central to Canada's nuclear future as Ottawa releases its energy strategy. Cameco is increasing its stake in uranium operations amid unprecedented industry momentum.
The day's top stories, food & events — every morning at 7. Unsubscribe anytime.
Saskatchewan and a key uranium mining company say they are preparing to meet the demands of a rising nuclear energy sector as the federal government releases its nuclear energy strategy for the coming years.
The federal government's strategy builds on its overall aim to double electricity capacity by 2050, with a focus on zero-emission power sources such as nuclear to avoid large-scale environmental impacts. Saskatchewan, Canada's only uranium producer, welcomes the strategy because it aligns with the province's own energy future goals placing nuclear at the centre.
"I appreciate the Government of Canada recognizing the very central role that Saskatchewan plays in the global nuclear supply chain," said Jeremy Harrison, Crown Investments Corporation Minister, on Tuesday. Harrison attended Monday's energy strategy announcement in Newmarket, Ontario, and said he looks forward to working with the federal government to support its nuclear vision.
Saskatchewan currently has three active mine sites in its Athabasca Basin, where the province's highest-grade uranium is located. The province recognizes 57 advanced exploration uranium properties.
Saskatchewan-based uranium producer Cameco announced it is looking to increase its share of the Cigar Lake Operation to around 57.4 per cent by acquiring more than half of TEPCO's five per cent stake in the joint venture. Partner Orano will receive an additional 2.1 per cent stake, bringing its share to around 42.5 per cent.
"Our partner TEPCO just deemed the Cigar Lake ownership as non-strategic to them, and so there was an opportunity for the existing partners to split the share proportionally and we had the first rights to exercise that," said Cory Koss, Cameco's vice-president of investor relations and communications.
"This is feeling different this time around. It's not an event that just comes and goes. There is real momentum behind nuclear like we've never seen before," Koss told media at the Cigar Lake mine.
Two new mining projects—Denison Mine's Wheeler River and NexGen Energy's Rook I—were granted approval for construction earlier this year, marking the first uranium mines approved in over two decades.
