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The province of Saskatchewan and a key uranium mining company say they are preparing to meet the demands of a rising nuclear energy sector, as Ottawa 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.
This focus is also shared by Saskatchewan, which says it welcomes Canada’s strategy because it aligns with its 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 Crown Investments Corporation Minister Jeremy Harrison on Tuesday at a press conference on annual Crown corporation financial reports.
Harrison, who attended Monday’s energy strategy announcement in Newmarket, Ont., said he looks forward to working with the federal government, as Canada’s only uranium producer, to support its nuclear vision.
Saskatchewan currently has three active mine sites in its Athabasca Basin, where the province’s highest-grade uranium lives. Meanwhile, the province recognizes 57 advanced exploration uranium properties, according to its energy and resources ministry.
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Earlier this month, Saskatchewan-based uranium producer Cameco announced it is looking to increase its share of its Cigar Lake Operation to around 57.4 per cent by acquiring just more than half of TEPCO’s five per cent share 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.
Koss says he recognizes the momentum heading in the uranium industry’s direction as downstream interest in climate security, national security, and energy security dominates conversations.
“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 Global News in an interview at the Cigar Lake mine.
Adding more supply now is crucial to keep up with global demand, said Koss.
“This is an industry where it takes 10 to 20 years to bring on the production and if we want to meet that stock of demand coming to the market, we need to start investing in that production today,” Koss said.
Earlier this year, two new mining projects, Denison Mine’s Wheeler River and NexGen Energy’s Rook I, were granted approval for construction. This marks the first uranium mines approved in over two decades.
“We have a world-class nuclear sector that is going to continue to grow,” Harrison said.
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