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Cameco, Energoatom fuel deal implemented

Thursday, 13 April 2023

Cameco and Energoatom have signed the last agreement needed for the implementation of a programme to export all of Ukraine's uranium production for processing in Canada to produce fuel for Ukrainian nuclear power plants.

Cameco, Energoatom fuel deal implemented — Kotin (on the left) and Gitzel sign the final agreement (Image: Energoatom)

The Agreement for weighing, sampling, storage, analysis and transportation of uranium oxide concentrate was signed in Canada on 11 April by Energoatom President Petro Kotin and Cameco President and CEO Tim Gitzel in the presence of Prime Minister of Ukraine Denys Shmyhal.

The document covers the physical delivery of uranium oxide from Ukraine to Canada, providing for the entire quantity of uranium mined by Ukraine's SkhidGZK to be supplied to Canada and for conversion and supply of natural uranium hexafluoride for enrichment.

Kotin described the agreement as a "landmark event" for Ukraine's nuclear industry. "It guarantees its stability and, as a result, a stable supply of electricity to citizens," he said.

A bilateral agreement signed in March will see Cameco meeting 100% of Energoatom's need for natural uranium hexafluoride from 2024 to 2035 for the nine nuclear reactors at the Rivne, Khmelnitsky and South Ukraine plants. The signature of the latest contract means the practical implementation of the agreements can now go ahead, Energoatom said.