The CEO of Saskatchewan-based Cameco Corp. emphasized that the U.S. government is not intervening in its primary uranium mining operations in a significant nuclear reactor deal revealed recently. The deal involves the U.S. government arranging funding and expediting approvals for over $80 billion US worth of new nuclear reactors in the United States.

These reactors will utilize technology owned by Westinghouse, a company jointly owned by Cameco and Brookfield Asset Management. CEO Tim Gitzel clarified during a conference call discussing third-quarter results that the U.S. government’s involvement is solely focused on the Westinghouse business and does not extend to Cameco’s core operations.

Grant Isaac, the Chief Operating Officer, described the U.S. government’s role as a catalyst in advancing power generation to enhance domestic energy security. He highlighted that various options are being considered, including government financing for plants owned and operated by other entities or the government spearheading its projects entirely. The ultimate goal is to introduce carbon-free electricity into the market promptly to meet energy demands.

Westinghouse’s AP1000 pressurized water reactor, known for its advanced capabilities, is expected to be deployed under the agreement to deliver over one gigawatt of electricity to power grids. Additionally, there is a possibility of Westinghouse becoming an independent entity with the U.S. as a significant shareholder.

Cameco recently increased its annual dividend and reported a net loss for the quarter ended Sept. 30, attributing the decrease in revenue to $614.6 million from $720.6 million in the same period last year. However, on an adjusted basis, Cameco reported an increase in earnings per diluted share compared to the previous year.

The strategic partnership between Cameco and the U.S. government aims to bolster the nuclear industry’s expansion while ensuring the long-term viability of nuclear power generation.