Cameco Wins $40.3 Million In Force Majeure Dispute
Cameco announced today that an arbitration panel awarded the company $40.3 million in a dispute with Tokyo Electric Power Company Holdings that terminated a supply agreement after declaring force majeure.
Government regulations after the Fukushima accident forced the company's nuclear generating plants to close for 18 months.
Cameco disputed the contract break. It sought $700 million in damages from the arbitration tribunal.
"We are pleased that the tribunal agreed that TEPCO was not entitled to terminate the supply agreement, but we are disappointed with the amount of damages awarded," said Cameco President and CEO Tim Gitzel. "However, remember we had already removed this contract from our financial outlook. So, overall the result is positive for us."
The judgment cannot be appealed.