(Kitco News) - Cameco (TSX: CCO; NYSE: CCJ) announced today 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.
According to a press release, 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," stated president and CEO Tim Gitzel. "Cameco is very pleased to continue increasing our contribution towards the attainment of China's important climate goals."
The company said that terms and details of the supply agreement are commercially confidential and will not be disclosed publicly, adding that the contract volumes comprise part of the 50 million pounds that Cameco has added to its long-term uranium contract portfolio so far in 2022.
Cameco is one of the largest global providers of uranium fuel. The company's competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations.
China National Nuclear Corporation (CNNC) is mainly engaged in research and development, construction, production and operation in the fields of nuclear power, nuclear fuel cycle, nuclear applications, environmental protection and nuclear engineering, as well as international cooperation, imports and exports.
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