Canada to Supply Uranium to India and China
Source: Uranium Investing News, Dave Brown (6/29/10)
"Canada could soon export 2,000 tons of uranium to India annually."
India expects to have 12 new reactors running by 2020, consuming an extra 1,500 tons of uranium per year. Other projects are expected, making India’s civilian nuclear sector worth $25–$50 billion over the next 20 years. Dr. Chaitanyamoy Ganguly, president of the small Indian division of Cameco, said Canada could soon be exporting 2,000 tons of uranium to India annually. Canada has some natural competitive advantages over other countries in the Indian market because many of India’s reactors are already based on Canadian CANDU technology and because Australia has refused to sell uranium until India signs the Nuclear Non-Proliferation Treaty. India has also signed civil nuclear cooperation agreements with the U.S., Russia, France, UK, Argentina, Kazakhstan, Mongolia and Namibia.
Cameco signed an agreement on June 24 with China Nuclear Energy Industry Corporation, a subsidiary of China National Nuclear Corporation (CNNC), to supply China’s largest nuclear generator with uranium concentrate under a long-term agreement through 2020. The deal would see Cameco supplying approximately 23 million pounds over the next 10 years to CNNC, which currently operates seven reactors with a total capacity of 5,100 MW. The state-owned CNNC, in operation for nearly 50 years, expects to be one of the world’s leading nuclear power companies by 2020 with 10 reactors under construction totaling capacity of 9,100 MW.
Cameco also has also agreed to pursue long-term, non-binding cooperation opportunities with China Guangdong Nuclear Power Holding Co., Ltd. to supply uranium fuel for its growing fleet of nuclear power plants.