Uranium miners fall as Trump imposes tariffs

Ur-Energy

03/02/2025 16:13

(Updates)
    ** Shares of uranium companies fall as U.S. President Donald
Trump orders sweeping tariffs on goods from Canada and China
    ** Tariffs, which will take effect from Tuesday, include 25%
levy on most goods from Canada, 10% on energy imports from
Canada and 10% on Chinese imports
    ** Canada is world's second-largest producer of uranium
after Russia and about 85% of its production is exported
    ** Canada provided 27% of uranium to U.S. utilities in 2023,
according to the U.S. Energy Information Administration (EIA)
    ** "We think the 10% import tariff applied to Canadian
uranium is relatively modest and unlikely to impact cross-border
trade in the near-term, but could dampen near-term contracting
activity given uncertainty around potential further trade war
escalation," RBC Capital Markets says
    ** Shares of miners NexGen Energy  NXE.TO  down ~1%, Cameco
 CCO.TO  down 2.2% and Denison Mines  DML.TO  down 1.9%

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))