This week, FP Video investigates Canada's potential to become a nuclear powerhouse, featuring exclusive access to Cameco Corp.'s Cigar Lake uranium mine in Saskatchewan's Athabasca Basin—one of the world's richest uranium deposits. The segment also examines the challenges and opportunities for expanding Canada's domestic nuclear energy sector. Additionally, Dawn Desjardins, chief economist at Deloitte, explains why the upcoming CUSMA review is unlikely to significantly alter Canada's economic landscape, while Karl Schamotta, chief market strategist at Corpay, details why the U.S. dollar is expected to maintain its dominance in global currency markets.
Inside Canada's Most Profitable Uranium Mine
Financial Post gained rare access to Cameco's Cigar Lake mine, a key asset in Canada's nuclear supply chain. The mine is among the highest-grade uranium deposits globally, producing thousands of tonnes of uranium concentrate annually. The video provides a behind-the-scenes look at operations, highlighting the technological and safety measures in place. According to Cameco, Cigar Lake is one of the company's most profitable ventures, contributing significantly to Canada's position as a leading uranium exporter.
Canada's Nuclear Push: Ambitions and Challenges
Canada's new nuclear strategy aims to increase reactor construction, boost uranium exports, and secure a larger role in global nuclear supply chains. The federal government has outlined plans to support small modular reactors (SMRs) and traditional large-scale projects. However, the video raises critical questions about feasibility, including regulatory hurdles, public acceptance, and lessons from past nuclear incidents. As one expert noted, “Canada has the resources and expertise, but moving fast without repeating past mistakes is the real challenge.” The segment underscores the need for robust safety protocols and community engagement to avoid disasters that have plagued the industry elsewhere.
CUSMA Review: Limited Impact on Canada
Dawn Desjardins of Deloitte discusses the upcoming review of the Canada-United States-Mexico Agreement (CUSMA). She argues that while the review process may generate political noise, it is unlikely to result in major changes for Canada's economy. “The agreement is fairly stable, and both the U.S. and Mexico have limited appetite for renegotiating core provisions,” Desjardins said in an interview with Financial Post's Larysa Harapyn. She emphasized that trade flows under CUSMA have largely normalized, and any adjustments would be incremental rather than transformative.
U.S. Dollar Dominance Endures
Karl Schamotta from Corpay explains why the U.S. dollar remains the world's dominant reserve currency despite growing talk of de-dollarization. He points to the dollar's deep liquidity, the strength of U.S. financial markets, and the lack of a viable alternative. “There's no sign of the U.S. dollar losing dominance anytime soon,” Schamotta stated. He noted that even with geopolitical shifts and the rise of digital currencies, the greenback's role in global trade and finance is unlikely to diminish in the near term.
