Cameco Signs Supply and Strategic Cooperation Agreements with Two Nuclear Companies in China

Saskatoon-based Cameco Corporation announced that it has signed two agreements. The first is with China Nuclear Energy Industry Corporation (CNEIC), a wholly-owned subsidiary of China National Nuclear Corporation (CNNC), to supply approximately 23 million pounds of uranium concentrate under a long-term agreement through 2020. CNNC is involved in all aspects of the fuel cycle in China from uranium exploration and mining through to reactor design and construction. CNEIC conducts nuclear imports and exports, and produces and markets uranium ores in China. The second agreement concerns long-term co-operation opportunities with China Guangdong Nuclear Power Holding Co. Ltd. (CGNPC) to supply uranium fuel for its growing fleet of nuclear power plants. Cameco and CGNPC signed a non-binding framework agreement committing the companies to negotiate long-term uranium purchase agreements and potential joint development of uranium resources. CGNPC is a Chinese state-owned enterprise focused on development, construction and operation of nuclear power plants.