Cameco Signs Uranium Supply Agreement with China National Nuclear Corporation

Cameco, a leading global provider of uranium fuel, has recently announced a significant milestone in its commitment to a sustainable future. The company has signed a uranium supply agreement with China Nuclear International Corporation, a subsidiary of China National Nuclear Corporation (CNNC), one of China’s largest nuclear power operators.

The contract, which was finalized earlier this year, was celebrated as part of the 2023 International Forum on Natural Uranium Industry held in Beijing. This agreement marks a crucial step in China’s pursuit of net-zero emissions, as the country looks to nuclear energy to play a major role in achieving its climate goals.

Cameco’s President and CEO, Tim Gitzel, expressed his enthusiasm for the partnership, stating, “Cameco is very pleased to continue increasing our contribution toward the attainment of China’s important climate goals. China is counting on nuclear energy to play a major role in its commitment to achieve net-zero emissions, and CNNC is a large and growing part of that effort.”

While the terms and details of the supply agreement remain confidential, the contract volumes are reflected in Cameco’s reported 215 million pounds of uranium under long-term contracts as of April 27, 2023. Additionally, the reported average annual delivery volumes of 28 million pounds per year from 2023 through 2027 further solidify Cameco’s position as a reliable supplier of nuclear fuel.

Cameco’s competitive advantage lies in its controlling ownership of the world’s largest high-grade uranium reserves and its low-cost operations. As utilities worldwide rely on nuclear fuel products to generate safe, reliable, and carbon-free nuclear power, Cameco continues to play a vital role in energizing a clean-air world.

The company’s commitment to sustainability and its dedication to supporting China’s ambitious climate goals highlight its positive impact on the global energy landscape. Cameco’s shares trade on both the Toronto and New York stock exchanges, further demonstrating its strong position in the market.

With its head office in Saskatoon, Saskatchewan, Canada, Cameco is well-positioned to contribute to the global transition to clean energy. The company’s partnership with China National Nuclear Corporation exemplifies its commitment to fostering international collaborations that drive positive change.

In conclusion, Cameco’s uranium supply agreement with China National Nuclear Corporation is a significant development in the pursuit of sustainable energy solutions. By supporting China’s net-zero emissions goals, Cameco continues to demonstrate its leadership in the nuclear energy sector. With its vast reserves and low-cost operations, Cameco remains a trusted provider of uranium fuel, empowering utilities worldwide to generate safe, reliable, and carbon-free nuclear power.

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