Cameco hopes to supply uranium to India
Last Updated: Tuesday, November 3, 2009 | 8:49 PM CT
CBC News
Jerry Grandey, president and CEO of Cameco, says a big uranium deal is in the works with India. (CBC)Saskatoon-based uranium miner Cameco Corp. says a multimillion-dollar deal is in the works to supply its product to India for nuclear power plants.
Cameco calls itself the world's largest supplier of uranium.
CEO Jerry Grandey told CBC News on Tuesday that negotiations for an export deal have been underway between authorities in Canada and India for more than a year.
The company expects a deal soon, one that could see a number of different suppliers supplying India with at least seven million pounds of uranium.
"One of the interesting things is that India, of course, has got a very ambitious civilian nuclear power program and they have shortage of uranium within the country," Grandey told CBC News in an interview. "So they've been quite eager to establish a long-term relationship with a supplier like Cameco so that we can — over many decades — supply them the fuel that they need."
On Monday, the company released financial figures for its third quarter and Grandey said the company "remains on target for another strong year in revenue and cash flow."
He said the world is "energy-hungry" and electricity generated by nuclear reactors has a positive outlook.
"Nuclear is increasingly seen as the leading, credible option for clean energy generation," Grandey said.
