Cameco President and CEO Tim Gitzel says the invasion of Russia in Ukraine could mean increased business in the uranium refinery business, which would affect its Blind River and Port Hope refineries.
Gitzel, who was in the Czech Republic last week, says the EU has vowed to cut off Russian imports of oil and natural gas as part of their sanctions against Russian businesses.
He says while it is unfortunate what is happening in Ukraine, the sanctions could mean more business for Cameco.
He says Russia supplied about 30 percent of nuclear reactor fuel and is a major competitor, but the sanctions could move their company forward in nuclear fuel production.
With the two refineries in Canada and its workforce of some 140 employees, he adds the company is poised to take a leading role in supplying the world market.
While in Blind River yesterday he also presented a $10,000 donation to the food bank and $25,000 to the local community centre following a tour of the two facilities.