Cameco Signs Uranium Supply Agreement with China Nuclear International Corporation

Rhea-AI Summary

Cameco (NYSE: CCJ) has signed a significant uranium supply agreement with China Nuclear International Corporation, a subsidiary of China National Nuclear Corporation. This agreement, finalized earlier this year during the China International Import Expo 2022, is part of Cameco's strategy to enhance its long-term uranium contract portfolio, which has added 50 million pounds in 2022. Cameco's CEO, Tim Gitzel, emphasized China's reliance on nuclear energy to achieve net-zero emissions, aligning with the company's commitment to support these climate goals.

Positive

• Signed a uranium supply agreement with China Nuclear International Corporation, expanding market reach.
• Contract aligns with global demand for nuclear energy and supports climate goals.
• Added 50 million pounds to the long-term uranium contract portfolio in 2022.

Negative

• None.

SASKATOON, Saskatchewan--(BUSINESS WIRE)-- Cameco (TSX: CCO; NYSE: CCJ) announced that it has signed a uranium supply agreement with the China Nuclear International Corporation, a subsidiary of the China National Nuclear Corporation (CNNC), one of the country’s largest nuclear power operators.

The contract, finalized earlier this year, was marked as part of the China International Import Expo 2022.

“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,” said Cameco president and CEO Tim Gitzel. “Cameco is very pleased to continue increasing our contribution towards the attainment of China’s important climate goals.”

Terms and details of the supply agreement are commercially confidential and will not be disclosed publicly. The contract volumes comprise part of the 50 million pounds that Cameco has added to our long-term uranium contract portfolio so far in 2022.

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/20221104005625/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 significance of Cameco's supply agreement with China Nuclear International Corporation?

The agreement enhances Cameco's market reach and supports the global demand for uranium as China shifts towards nuclear energy.

How much uranium has Cameco added to its contract portfolio in 2022?

Cameco has added 50 million pounds to its long-term uranium contract portfolio in 2022.

What role does nuclear energy play in China's climate strategy according to Cameco?

Cameco highlights that China relies on nuclear energy to achieve its commitment to net-zero emissions.