Canada, China sign new uranium protocol
The Canadian Press
Posted: Jul 20, 2012 12:55 PM CST
Last Updated: Jul 20, 2012 12:53 PM CST
Cameco, which operates this mine at Rabbit Lake mine in Saskatchewan, hopes to sell $3 billion worth of uranium to China. (Cameco)
A new deal has been signed between Canada and China which will pave the way for more exports of uranium.
Foreign Affairs Minister John Baird hailed the protocol signed Thursday, saying increased collaboration with China's civil nuclear-energy market will give Canadian companies greater access to one of the world's largest and fastest-expanding economies.
Saskatchewan-based Cameco, one of the world's biggest uranium miners, is calling the pact a key milestone.
CEO Tim Gitzel says it will mean more jobs, more development and more investment in Canada by Cameco and other uranium producers.
China had previously been prohibited from purchasing Canadian yellowcake uranium.
An agreement negotiated earlier this year called on the Chinese government to verify Canadian uranium is used only for appropriate civilian purposes such nuclear power generation.
Cameco believes it will make as much as $3 billion from the agreement.
It plans to sell more than 50 million pounds of uranium to China over the next 15 years.
The country is in the process of building 25 nuclear power reactors.
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