SASKATOON, Saskatchewan–(BUSINESS WIRE)–Cameco (TSX: CCO; NYSE: NYSE:) is pleased to announce and support the settlement reached by Westinghouse Electric Company (Westinghouse) in its intellectual property dispute with Korea Electric Power (NYSE:) Corporation and Korea Hydro & Nuclear Power Co., Ltd. (jointly KEPCO and KHNP).
This is a positive outcome for both parties, which we believe makes it easier to bring world-leading reactor technology and related competencies in engineering, construction services, maintenance, fueling and training to the global market, said Tim Gitzel, Cameco’s president and CEO. . With more than 30 countries and more than 100 companies pledging to triple nuclear capacity by 2050, the demand for nuclear power is undeniable. This agreement strengthens the industry’s ability to provide reliable, carbon-free electricity with the ability to dispatch baseload energy to help meet climate, energy and national security goals.
Implementation of the settlement agreement resolving the dispute establishes the framework for additional deployments to the mutual benefit of Westinghouse, KEPCO and KHNP.
Caution regarding forward-looking information
This press release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which may change significantly, and actual results and events may differ materially from what we currently expect. Examples of forward-looking information in this press release include: our belief that the resolution of the dispute will facilitate bringing the technology and related competencies to the global market; our views on the demand for nuclear power; our view that the agreement will strengthen the industry’s ability to achieve certain objectives; and our expectation that implementation of the agreement will establish a framework for mutually beneficial additional deployments. Material risks that could lead to different results include the risk that the agreement will not have the expected global market implications or strengthen the industry’s ability to achieve its goals, and the risk that additional mutually beneficial implementations may not occur. In presenting forward-looking information, we have made material assumptions that may prove incorrect about the agreement’s implications for the global market and the industry’s ability to achieve its goals, and the potential for mutually beneficial additional implementations. Forward-looking information is designed to help you understand management’s current views about our short-term and long-term prospects and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to do so by securities laws.
Profile
Cameco is one of the world’s largest suppliers of the uranium fuel needed to power a clean air world. Our competitive position is based on our controlling ownership of the world’s largest high-value reserves and low-cost operations, as well as significant investments in the nuclear fuel cycle, including equity interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions to produce safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York Stock Exchanges. Our headquarters are in Saskatoon, Saskatchewan, Canada.
As used in this press release, the terms we, us, our, company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
See the original version on businesswire.com: https://www.businesswire.com/news/home/20250116040462/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
Source: Cameco
