A Memorandum of Understanding between Cameco, GE Hitachi Nuclear Energy and Global Nuclear Fuel-Americas aims to explore opportunities to advance the commercialization and deployment of small modular reactor technology.

While no specific commitments have been made beyond that at this stage, Cameco CEO Tim Gitzel says nuclear power will play a massive role in the global shift to zero-carbon energy, generating a lot of momentum for emerging SMR and advanced reactor technologies. Gitzel says Cameco intends to be a go-to fuel supplier for these innovative reactors.

Jeff Hryhoriw, Director or Government Relations and Communications says the Memorandum of Understanding is non-binding and non-exclusive, and Cameco could develop similar arrangements with other SMR vendors moving forward.

Hryhoriw adds Cameco is very supportive of SMR technology, and believe it holds considerable promise for expanding nuclear energy and reducing carbon emissions in Canada and around the world, while supplying large volumes of clean, base-load electricity that all countries need.  It would also create increased demand for uranium fuel, and perhaps open up new markets altogether for a key Saskatchewan commodity.

Hryhoriw adds the uranium industry in Saskatchewan is a significant provincial employer, including of the province’s Indigenous people. Roughly half the workforce at the uranium mines and mills located in northern Saskatchewan are Residents of Saskatchewan’s North (or RSNs), the vast majority of whom are of First Nation or Métis heritage. Cameco remains one of Canada’s largest industrial employers of Indigenous people.