Ukraine inks deal on supply of uranium concentrate to Canada

The Ukrainian company Energoatom and the Canadian Cameco have signed an agreement regulating the supply of uranium concentrate from Ukraine to Canada, according to the press service of Energoatom, Report informs referring to TASS.

Energoatom signed an agreement with the Canadian company Cameco, which was the last necessary stage for the implementation of the program for the use of Ukrainian uranium in the production of nuclear fuel for Ukrainian nuclear power plants.

This document regulates the physical supply of uranium concentrate from Ukraine to Canada and related conditions. “In particular, the contract provides for the supply of the entire volume of uranium extracted at the Eastern Mining and Processing Plant to Canada and the further use of uranium concentrate for conversion and supply of natural uranium hexafluoride for enrichment,” the company said.

According to Petro Kotin, head of Energoatom, the agreement guarantees the stable operation of the country’s nuclear industry.

According to media reports, Canadian companies Cameco and Brookfield Renewable Partners are planning to buy the American Westinghouse Electric, which operates in the field of nuclear energy. The deal, which is expected to close in the second half of 2023, will see Cameco take a 49% stake in Westinghouse and Brookfield Renewable, along with its institutional investors, will take a 51% stake.

Since 2019, Ukraine has begun to transfer nuclear power units, which are designed to use Russian fuel, to American nuclear fuel produced by Westinghouse. In addition, Energoatom and Westinghouse signed an agreement on the construction of nine new power units in Ukraine using American technology.