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(Kitco News) - Uranium producer Cameco (TSX: CCO) (NYSE: CCJ) announced today that it has signed a 10-year supply contract to provide sufficient volumes of natural uranium hexafluoride to meet the full requirements of the Kozloduy 5 reactor at the Kozloduy nuclear power plant, the only nuclear generating station in Bulgaria.
According to a company statement, the agreement, running through 2033, will see Cameco deliver a total of approximately 2.2 million KgU as uranium hexafluoride (the equivalent of about 5.7 million pounds of uranium concentrate, or U3O8).
Nuclear power accounts for more than one-third of Bulgaria's electricity supply. Kozloduy 5 is one of two reactors operating in the country.
"This is Cameco's first agreement to supply fuel for Bulgaria's nuclear energy sector," said President and CEO Tim Gitzel. "We are very pleased to add another market to Cameco's global commercial portfolio and to expand our contributions to countries like Bulgaria that are seeking to enhance their energy security while affirming their commitment to carbon-free nuclear power in achieving their climate goals."
Cameco is one of the largest global providers of the 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.
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