Canada signs uranium export agreement with China

Canada inked an agreement with China that will allow Cameco and other Canadian uranium producers to sell yellowcake uranium to China for use in nuclear energy generation after Canadian Prime Minister Stephen Harper visited Beijing, The Wall Street Journal reported. “This agreement will help Canadian uranium companies to substantially increase exports to China, the world’s fastest growing market for these products,” said Harper. “It will generate jobs here at home while contributing to the use of clean, reliable energy in China.” The agreement will ensure uranium exports to China will only be used for peaceful and civilian purpose, according to Canadian prime minister’s office. Harper has also said opening new markets in Asia for Canada’s energy and mining resources is a priority because the country works towards improving China-Canada relationship and reducing its reliance on the US. Cameco (CCJ.NYSE), the world’s largest uranium producer, said it could now move forward on two contracts signed in 2010 to deliver a total of 52 million pounds of yellowcake to China by 2025, an increase not seen since the 1970s.