Cameco’s CEO explains uranium strategy

Government support is best in approving the plants to be supplied, Cameco president and CEO Tim Gitzel, right, says. Credit: Penda Productions

Tim Gitzel, president and CEO of uranium producer Cameco (TSX: CCO; NYSE: CCJ), recounted the ups downs of the nuclear industry as he described the company’s approach at The Northern Miner’s Energy Transition Metals Summit in Washington, DC.

“We’re not producing just to build inventory,” Gitzel says in an April 30 interview with David Talbot, head of research and managing director at Toronto-based Red Cloud Securities.

“We always, always only produce as much as we have homes for. We’re not producing to sell into the spot market. That’s just a bad strategy that kills the market.”

Gitzel also touched on the geopolitics of Russian uranium, sanctions, and the windfall of supplying Ukraine for plants that make more than half its electricity. Western countries are cooperating on fuel supplies and processing, while Cameco advances the plant construction unit it bought from Westinghouse, he said.

The April 29-30 summit ran in coordination with Precious Metals Summit Conferences. Watch the full Gitzel-Talbot discussion below.