Cameco and Bruce Power extend fuel supply agreement

30 May 2017

Canada’s Cameco on 25 May signed a 10-year extension agreement to continue to supply nuclear fuel to Bruce Power.

In addition, a new arrangement has been made for Cameco to provide reactor components for all six of Bruce Power’s major component replacement projects starting in 2020.

The arrangements, which are subject to the negotiation and signing of definitive agreements, are expected to be worth about CAD2bn ($1.5bn) to 2030.

Cameco president and CEO Tim Gitzel said the deal provides a bright future for the 600 employees at its Port Hope and the 150 at the Blind River facility. The benefits of this agreement extend beyond Ontario, Gitzel added, noting that the uranium they require is mined in Saskatchewan by a work force that is more than 50% Indigenous workers, “making this the largest employer of Indigenous people in Canada.”

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