Business Bulletins News

IW Business Bulletin – October 14, 2022

Photo provided by Cameco

Cameco partners to buy Westinghouse Electric Company

Cameco announced on Oct. 11 that the company has partnered with Brookfield Renewable to acquire Westinghouse Electric Company from Brookfield Business Partners (BBU).

“We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector. As one of the few forms of electricity generation capable of safely, reliably and affordably producing emissions-free, baseload power, nuclear energy is becoming increasingly important in a world that prioritizes electrification, decarbonization and energy security. The opportunity to partner with Brookfield Renewable, a leader in the clean-energy space, to acquire Westinghouse is expected to create a platform for growth across the nuclear value chain. Coupled with our more than 30-year proven track record of providing secure and reliable fuel supplies to a global customer base, this transaction fits perfectly within Cameco’s strategy and is expected to increase our ability to meet the growing needs of existing and new customers at a time when origin and security of supply is of significant concern. At the same time, we expect the recurring demand for Westinghouse’s operating plant services and nuclear fuel will generate a strong revenue stream and add stable cash flow to complement Cameco’s existing uranium and fuel services business,” said Tim Gitzel, president and CEO of Cameco.

When the transaction is complete, Brookfield Renewable and other affiliates of Brookfield Asset Management Inc. will own a 51 per cent interest in Westinghouse with Cameco owning 49 per cent. The acquisition of Westinghouse is expected to close in late 2023, subject to approvals.

SaskTel pairs up with Olds College on their Saskatchewan Smart Farm

SaskTel announced on Oct. 13 that it has signed an memorandum of understanding with Olds College of Agriculture & Technology. The collaboration will use the 800-acre Olds College Saskatchewan Smart Farm near Craik, Sask. to “advance and accelerate ag tech development and innovation for producers, learners, and agri-food companies right across Saskatchewan through applied research, technology demonstration, data utilization, and commercial-scale validation.”

“As Saskatchewan’s homegrown communications provider, we are pleased to collaborate with Olds College of Agriculture & Technology on this exciting project which will further expand our role in helping to develop, test, and facilitate the wider adoption of innovative new ag technologies that will enable producers to modernize their operations and keep pace with the growing demand for sustainable and trusted food sources,” said Doug Burnett, SaskTel’s president and CEO.

The Olds College Smart Farm originated at the Alberta-based college, and expanded in 2022 to land near Craik, thanks to a donation from Margery Steckler and her late husband, George Steckler.

“We are delighted to partner with SaskTel, a leader in connectivity, Internet of Things (loT), and customer service in Saskatchewan,” said Patrick Machacek, vice president, development & dtrategy, Olds College. “With the recent expansion of the Olds College Smart Farm into Saskatchewan, we are continuing to expand and build a smart ag ecosystem that is focused on driving innovation for western Canada’s ag sector. Thanks to partnerships with industry leaders, such as SaskTel, Olds College of Agriculture & Technology will provide ag-tech training and research opportunities that align and support the needs of Saskatchewan learners, producers and the agri-food

SkipTheDishes brings alcohol delivery to Saskatchewan

Winnipeg-based SkipTheDishes announced on Oct. 12 that is has expanded into alcohol delivery, providing customers will access to over 60 alcohol vendors and restaurant partners across Saskatchewan.

“We’re thrilled to continue our expansion of alcohol delivery across Canada with the launch in Saskatchewan,” says Steve Puchala, senior vice president, growth & restaurant success, SkipTheDishes. “We’ve seen tremendous growth in the category since we began offering this service to our customers, and we’re proud to provide this additional revenue opportunity for our restaurant partners across the province.”

Uranium Energy Corp. and Rio Tinto agreement on uranium project

Oct. 12 saw news that Uranium Energy Corp. (UEC) and Rio Tinto have come to an agreement on the Roughrider Uranium project in the Athabasca basin. UEC will acquire Roughrider from Rio Tinto for $150 million (in cash and UEC stock). Under the terms of the transaction, upon close, Rio Tinto will receive $80 million in cash and 17,805,815 UEC common shares, valued at $70 million. In exchange, UEC will acquire 100 per cent of Rio Tinto’s wholly-owned Roughrider uranium development project.

“With this accretive fully funded acquisition of the Roughrider Project, we’re able to achieve multiple objectives: 1) 100% owned, development-stage assets are rare in Canada’s Athabasca basin, and we’re adding a world-class project to anchor our Canadian high-grade conventional business; 2) unlock value from the recently acquired UEX portfolio in the eastern Athabasca Basin as we now have critical mass to advance our production plans; and 3) accelerate production plans for our Canadian high-grade conventional business given the advanced stage of Roughrider and the first-tier ESG, geotechnical and permitting work completed by Rio Tinto since 2012. We thank Rio Tinto for entrusting UEC with the Roughrider Project and welcome them as our new shareholder,” said Amir Adnani, President and CEO of UEC.

The Roughrider project is located approximately 13 km west of Orano’s McClean Lake Mill near UEC’s existing Athabasca Basin properties.

City of Regina adds electric truck to its fleet

The City of Regina unveiled the newest addition to its operations fleet on Oct. 14, unveiling a Ford F-150 Lightning as the first electric truck in operation for the city in the roadways department.

“Introducing the first electric truck to our fleet is a necessary step in reducing emissions and working towards our goal of becoming a net-zero city by 2050,” said Mayor Sandra Masters. “We will continue to look at the various opportunities we have to increase sustainability within city operations as we work towards a Renewable Regina.”

City buses will transition to electric in 2024. By 2035, all light-duty city vehicles purchased will be electric and the City is exploring options in electric, hydrogen and renewable diesel for medium-duty and heavy-duty trucks.

Coming soon: Cameco will report Q3 2022 results on Thursday, October 27, and Information Services Corporation will release Q3 results Wednesday, November 2, 2022.

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