Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Cameco Corp said on Wednesday that it has agreed on the commercial terms to supply nuclear fuel to Ukraine’s state-owned nuclear energy utility Energoatom.
Under the contract, expected to be finalized in the first quarter of 2023, Cameco would supply natural uranium hexafluoride to the Ukrainian company between 2024 and 2035.
The deal would see Cameco supply the total fuel required at nine nuclear reactors at Energoatom’s Rivne, Khmelnytskyy and South Ukraine nuclear power plants, the company said.
The contract will also contain an option for Cameco to supply up to 100% of the fuel for six reactors at the Zaporizhzhya nuclear power plant, currently under Russian control, should it return to Energoatom.
Russian forces seized the Zaporizhzhya plant in early March last year, soon after invading Ukraine. Russia and Ukraine had accused each other of firing around it near the front lines, prompting the International Atomic Energy Agency to place experts at all of Ukraine’s five nuclear stations.
(By Sourasis Bose; Editing by Shailesh Kuber)
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