Cameco Signs Long-Term Supply Contract in China

February 8, 2016

Cameco has concluded a new long-term supply deal with a major customer in China.

Cameco Fuel Manufacturing (CFM) has reached a new seven-year contract with China Nuclear Energy Industry Corporation (CNEIC) to provide Candu reactor components.

"Continued success in the Chinese market is a credit to the long-standing relationships and friendships that we have with our colleagues in China," said Doug Jensen, general manager for CFM. "This contract is an endorsement of the quality of our products, and the capability of the people making them at CFM."

Dale Clark, vice-president of Cameco's fuel services division, said that it speaks to the reputation that CFM has built in China.

"We know that they have other options, whether that's domestic or other players," said Clark. "But in the end, CNEIC made the deal with CFM."

The deal – signed on January 19, 2016, at a formal ceremony in China – reinforces the solid economic foundation of Cameco's operations in Cobourg and Port Hope, Ontario which employ about 650 people.

Profiles

China Nuclear Energy Industry Corporation

Headquartered in Beijing, China Nuclear Energy Industry Corporation (CNEIC) was established in 1980. It is an international trading company directly owned by the China National Nuclear Corporation (CNNC) and authorized to carry out import and export trade of uranium products, nuclear fuel cycle and nuclear power and technology equipment.

Cameco Corporation

Cameco is one of the world's largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. We also explore for uranium in the Americas, Australia and Asia.

Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

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Inquiries

Nicole Emanuel
Director, public & government affairs
Cameco Fuel Services
(905) 885 1129 x4050