Cameco to become sole supplier of Ukraine’s nuclear power plants

Cameco has secured a major supply contract with Ukraine.

The Saskatoon-based mining company announced Wednesday it has reached an agreement with Energoatom, Ukraine’s state-owned nuclear energy utility, to be the sole supplier of uranium and conversions services for the next 12 years.

“We are proud to play an essential role in helping Ukraine gain supply security for significant components of their nuclear fuel in these extraordinarily challenging times for the country,” said Cameco president and CEO Tim Gitzel in a release.

“This has the potential to be the single largest supply contract in Cameco’s history, and it is only achievable through the strong relationship that has developed between our two companies.”

The nine nuclear reactors will require about 40.1 million pounds of uranium concentrate over the length of the contract.

The deal also contains an option for Cameco to supply six more reactors currently under Russian control should they be returned to Ukraine.

The contract is expected to be finalized in the first quarter of 2023.