MELBOURNE, Oct 31 (Reuters) – China National Nuclear Corp (CNNC) is looking to invest in overseas uranium mines to secure supply for an expected ramp-up in China’s nuclear power generation, a senior company executive said on Wednesday.
China and Japan have been ramping up nuclear power as an alternative to fossil fuels, and rising demand could pull uranium out of a years-long slump that has seen a swathe of projects put on care and maintenance in recent years.
“Our vision is to be the world’s leading uranium company,” Ni Tao, deputy manager of China National Uranium Co Ltd, said at the IMARC mining conference in Melbourne.
China’s uranium demand is expected to grow to around 10,800 tonnes by 2020, rising to 88,000-100,000 tonnes by 2025, Ni said in a presentation. CNNC is set to account for 4,800 tonnes by 2020.
“We are open to taking a minority stake in a partnership or to taking a whole company,” he told Reuters later on the sidelines of the conference. Total global demand for uranium last year stood at around 64,000 tonnes.