Cameco announces supply contract at Beijing uranium forum

30 October 2023

The supply agreement with China Nuclear International Corporation was finalised earlier this year, Cameco said. The 2023 International Natural Uranium Industry Development Forum also included updates on China's domestic uranium efforts.

The inaugural international forum took place in Beijing on 28 October (Image: China Nuclear Energy Association)

The terms and details of the agreement with the China National Nuclear Corporation (CNNC) subsidiary are commercially confidential and will not be disclosed publicly, Cameco said. The contract volumes are reflected in the 215 million pounds U3O8 (82,699 tU) the Canadian company reported having under long-term contracts as of 27 April and its reported average annual delivery volumes of 28 million pounds per year from 2023 through 2027 (as of 30 June this year), it added.

"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," Cameco President and CEO Tim Gitzel said. "Cameco is very pleased to continue increasing our contribution toward the attainment of China's important climate goals."

The International Natural Uranium Industry Development Forum, hosted by the China Mining Association and co-sponsored by the China Nuclear Society and China Uranium Industry Co, Ltd, took place on 28 October and was attended by some 300 delegates from around the world, including government officials and experts as well as representatives from the International Atomic Energy Agency (IAEA) and the China Atomic Energy Authority.
In a virtual address to the forum's opening session, IAEA Deputy Director General Liu Hua said the forum demonstrated "responsibility and commitment" from China.

"Today, as carbon peaking and carbon neutrality have become widely recognised, countries are working together to promote the rapid development of global nuclear energy and jointly address the challenges of climate change. The global economic recovery and energy security have placed higher demands on the sustainable development of nuclear energy. Establishing a global uranium resource partnership is crucial to ensuring the security, stability, and reliable supply of uranium resources needed for the development of nuclear energy worldwide, which is particularly important for the healthy development of nuclear energy," Liu said.

Liu's words were reported by the Global Times.

China has been developing its uranium industry for more than 60 years, but new resources identified over the past decade account for one-third of its total confirmed reserves today, Chen Junli, president of China Nuclear Uranium Co, said. As well as establishing a "complete industrial chain" from exploration through to mining, refining and processing of uranium, it has developed a natural uranium supply system that combines domestic development, overseas growth, international trade and strategic reserves, he said.

Researched and written by World Nuclear News