Cameco signs uranium deal with Ukraine worth billions
Russia’s invasion of Ukraine has led to significant gains for Saskatchewan’s resource-based companies, industry experts say.
Cameco Corp., a Saskatoon-based company, announced last week that it has agreed to a multi-billion-dollar contract with SE NNEGC Energoatom — Ukraine’s state-owned nuclear energy utility — to meet Ukraine’s full nuclear needs from 2024 to 2035.
Tim Gitzel, Cameco president and CEO, says the Russian invasion of Ukraine raised their outlook because the world needs to find other sources of uranium. “That allows us now to boost our production here in Saskatchewan,” he said. “The future looks really, really good for Cameco, for our employees and for Saskatchewan.”
In 2018, Canada, the world’s second largest supplier of uranium, produced 6,996 tonnes of uranium from mines in northern Saskatchewan, according to federal government statistics.
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