OTTAWA (dpa-AFX) - Uranium producer Cameco Corp. (CCJ) said the U.S. and South Korea announced a framework under a prior Memorandum of Understanding that anticipates a $120 billion investment by Korea to fund the construction of nuclear reactors using Westinghouse technology and designs.
The agreement aims to build up to eight large nuclear reactors, including six Westinghouse AP1000 reactors and up to two Korean APR1400 reactors built on Westinghouse technology. The projects would be developed at federal sites designated by the U.S., beginning with two AP1000 reactors.
The framework builds on Cameco's partnership with Brookfield Asset Management and the U.S. Department of Commerce announced in October 2025 and outlines a potential funding and execution pathway for new U.S. nuclear projects.
The plan also includes a one-time waiver linked to a 2025 intellectual property dispute settlement between Westinghouse, Korea Electric Power Corp. and Korea Hydro & Nuclear Power Co. This permits up to two APR1400 reactors to be built in the U.S. In return, Westinghouse expects to receive about $2 billion per reactor through intellectual property licensing, engineering and procurement services, subcontracting opportunities and long-term fuel fabrication services.
Korea may also make an equity investment in Westinghouse, subject to definitive agreements, due diligence and regulatory and corporate approvals. Cameco said it does not expect any potential equity investment under the framework to affect its ownership interest in Westinghouse.
Cameco also noted that the terms of the framework are non-binding and subject to final negotiations.
On the NYSE, Cameco shares closed down 0.24% at $86.67 on Wednesday and rose 1.42% in after-hours trading.
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