Canadian uranium major Cameco remains “very bullish” on the uranium market, citing the role of nuclear power in a global move towards electrification and decarbonisation.

Chief executive officer Tim Gitzel said when the company announced its third-quarter results this week that China would require an estimated quadrupling of nuclear power capacity to meet its goal of having 25 million electric vehicles on the road by 2030, while achieving carbon-neutrality before 2060.

“That would be about 200 reactors for China alone, double that of the US fleet, which is currently the largest in the world. So, demand for nuclear is increasing,” Mr Gitzel said.

While demand is increasing, Mr Gitzel said there were “big question marks” about where uranium would come from to fuel the growing nuclear fleet, owing to persistently low prices, shrinking secondary supplies and the end of reserve life, and unplanned disruptions due to the Covid-19 pandemic.