Cameco Signs Nuclear Fuel Agreement to Support Bulgaria’s Diversification Efforts

Rhea-AI Summary

Cameco (NYSE: CCJ; TSX: CCO) has signed a significant 10-year supply contract to deliver natural uranium hexafluoride (UF₆) to the Kozloduy 5 Reactor in Bulgaria, marking its entry into the country's nuclear energy sector.

The contract, effective through 2033, involves approximately 2.2 million KgU (about 5.7 million pounds of U₃O₈) to support Bulgaria's nuclear power production, which accounts for over one-third of the nation’s electricity. Cameco's CEO, Tim Gitzel, expressed enthusiasm for enhancing energy security and contributing to carbon-free power initiatives.

Positive

• Secured a 10-year supply contract with Bulgaria's Kozloduy Nuclear Power Plant, expanding market presence.
• Agreement encompasses delivery of approximately 2.2 million KgU as UF₆, supporting a crucial energy sector.

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• None.

SASKATOON, Saskatchewan--(BUSINESS WIRE)-- Cameco (TSX: CCO; NYSE: CCJ) has signed a 10-year supply contract to provide sufficient volumes of natural uranium hexafluoride, or UF₆ (consisting of uranium and conversion services), to meet the full requirements of the Kozloduy 5 Reactor at the Kozloduy Nuclear Power Plant, the only nuclear generating station in the Republic of Bulgaria.

“This is Cameco’s first agreement to supply fuel for Bulgaria’s nuclear energy sector,” said Cameco’s president and CEO Tim Gitzel. “We are very pleased to add another market to Cameco’s global commercial portfolio and to expand our contributions to countries like Bulgaria that are seeking to enhance their energy security while affirming their commitment to carbon-free nuclear power in achieving their climate goals.”

The agreement, running through 2033, will see Cameco deliver a total of approximately 2.2 million KgU as UF₆ (the equivalent of about 5.7 million pounds of uranium concentrate, or U₃O₈).

Nuclear power accounts for more than one-third of Bulgaria’s electricity supply. Kozloduy 5 is one of two reactors operating in the country.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230420005713/en/

Investor inquiries:

Rachelle Girard

306-956-6403

rachelle_girard@cameco.com

Media inquiries:

Veronica Baker

306-385-5541

veronica_baker@cameco.com

Source: Cameco

FAQ

What is the recent contract signed by Cameco (CCJ) about?

Cameco signed a 10-year supply contract to provide uranium hexafluoride (UF₆) for Bulgaria's Kozloduy 5 Reactor.

How much uranium will Cameco supply under the new contract?

Cameco will supply approximately 2.2 million KgU as UF₆, equivalent to about 5.7 million pounds of U₃O₈.

What is the significance of the supply contract for Cameco?

This contract marks Cameco's first agreement to supply fuel for Bulgaria's nuclear energy sector, enhancing its global market presence.

What percentage of Bulgaria's electricity supply comes from nuclear power?

Nuclear power accounts for more than one-third of Bulgaria's electricity supply.

When does the supply contract with Bulgaria end?

The supply contract with Bulgaria is set to run through 2033.