Cameco signs agreement with nuclear reactor company

Cameco has signed an agreement with a nuclear reactor and fuel design engineering company to explore a possible collaboration in supplying fuel for small modular reactors (SMRs) in Canada and the United States.

A representative of the Maryland-based company X-energy says this partnership with Cameco will help further their project of bringing "the world's first commercial advanced reactor to market in North America."

"Cameco is a cornerstone of the Canadian nuclear industry and has global reach," the company said in a news release.

As one of the largest global suppliers of uranium, Cameco's CEO says the corporation is well-placed to support this new type of reactor.

"We intend to be a fuel supplier of choice for the emerging SMR and advanced reactor market and look forward to working with X-energy to see what opportunities might exist around their innovative reactor technology," said Cameco president and CEO Tim Gitzel.

Saskatchewan's climate change strategy for 2020 to 2030 includes the goal of "reducing carbon emissions in electricity production and advancing the development of zero-emission small modular reactor technology using Saskatchewan uranium."

The provincial government says these reactors could play an important role in reducing greenhouse gas emissions in Saskatchewan.