Cameco (TSX:CCO) expects Westinghouse Electric’s new-reactor business could contribute more to its growth by 2030 than uranium mining if proposed projects advance.
Cameco President and COO Grant Isaac told The Northern Miner that Westinghouse’s largest growth opportunity lies in constructing new reactors and the associated demand for fuel and services.
Westinghouse is a US nuclear technology and services company that designs reactors, manufactures nuclear fuel, and supports operating power plants. Its AP1000 is a large-scale pressurised water reactor used for commercial electricity generation.
Westinghouse has identified opportunities involving up to 91 AP1000 reactors over more than 20 years. Of these, 29 are at more advanced stages, while 62 remain under preliminary study or evaluation.
Meanwhile, 11 have entered front-end engineering and design, although none had reached a final investment decision when Isaac spoke in October. Three proposed reactors in Poland and two in Bulgaria are among the most advanced.
Cameco acquired a 49% interest in Westinghouse in 2023. The company says its original investment assumptions did not include revenue from new AP1000 construction.
New projects could generate engineering and procurement revenue during development, followed by decades of demand for reactor services, fuel fabrication, and uranium.
A non-binding US-South Korea framework announced in September contemplates up to US$120 billion ($172.8 billion) of investment supporting as many as eight US reactors, including six AP1000 units, as previously reported by Mining.com.au.
The framework remains subject to definitive agreements, financing, regulatory approvals, and other conditions.
Meanwhile, Cameco says it will not accelerate uranium production without sufficient long-term customer commitments. Around 30% of its licensed and constructed capacity remains constrained or on care and maintenance.
The company recently narrowed its 2026 attributable production guidance to 19.5–20.5 million pounds of triuranium octoxide.
Cameco is a Canada-based uranium producer and nuclear fuel supplier with a 49% interest in Westinghouse.
Write to France Pinzon at Mining.com.au
Main image: Cameco
