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Uranium producer Cameco announces extension of nuclear fuel supply arrangements with Bruce Power

Kitco Media
By Vladimir Basov
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(Kitco News) - Cameco (TSX: CCO) (NYSE: CCJ), one of the largest global producers of uranium fuel, today announced the extension of its long-term exclusive nuclear fuel supply arrangements with Bruce Power for an additional 10 years through to 2040.

The company said that the new deal extends "the exclusive fuel supply arrangements" between Cameco and Bruce Power that were announced in 2017 and include provisions for Cameco to supply 100% of Bruce Power's uranium, conversion services and fuel fabrication requirements.

According to a statement, the extension represents an estimated $2.8 billion in additional business between the companies from 2031 to 2040.

"The extension is consistent with Cameco's balanced and disciplined contracting, which allows the company to align its production decisions with its contract portfolio and customer needs," the company said.

"This inter-provincial collaboration secures decades of Canadian-made nuclear energy that is essential to building a path to net-zero, while creating good jobs and benefitting ratepayers," it added.

The companies are industry leaders in Ontario, Saskatchewan and Canada, directly employing 8,400 workers and creating billions of dollars of investment in the Canadian economy.

"As proud Canadian companies, Cameco and Bruce Power are committed to ensuring the security and reliability of affordable, carbon-free nuclear energy needed to power Ontario homes, hospitals and businesses," Cameco said.

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. The company's competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations.

Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. Formed in 2001, Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers' Union and The Society of United Professionals.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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