Canadian firms Cameco, Brookfield sign $80B US nuclear reactor deal with U.S. government

Shares of Cameco Corp. rose more than 20 per cent after the uranium company and Brookfield Asset Management Ltd. announced a partnership agreement with the U.S. government to help build nuclear reactors in the United States.

Under the deal, the U.S. government will arrange financing and facilitate the permitting and approvals for at least $80 billion US worth of new Westinghouse nuclear reactors in the U.S.

Brookfield and Cameco acquired Westinghouse in November 2023.

"We expect that the new build commitments from the U.S. will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse's and Cameco's products, services and technologies," Cameco chief executive Tim Gitzel said in a statement.

"This new partnership highlights