Cameco shares soar after company and Brookfield sign nuclear reactor deal with U.S.

Shares of Cameco Corp. rose more than 20 per cent after the 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 US$80 billion 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 the role