Cameco to supply Energoatom with uranium hexafluoride from Ukrainian raw materials for all Ukrainian NPPs

MOSCOW. March 20 (Interfax) - Energoatom, the operator of Ukrainian nuclear power plants, and Canada's Cameco have concluded agreements on the use of Ukrainian uranium in the production of nuclear fuel for all nuclear power plants in Ukraine.

"In accordance with the agreements, between 2024 and 2035 Energoatom will be fully provided with natural uranium hexafluoride, which will be supplied for enrichment and further use in the production of nuclear fuel. It is also expected to sell uranium mined at the Ukrainian VostokGOK [Eastern Mining and Processing Plant] to Canada," the Ukrainian media quoted the Ukrainian Energy Ministry as saying in a statement on its website.

Energoatom CEO Pyotr Kotin and Cameco President and CEO Tim Gitzel signed the documents.

This is not the first experience of cooperation between the two companies, the ministry said. In 2019 and 2021, Cameco has already supplied uranium oxide concentrate for the production of nuclear fuel for the needs of Ukrainian nuclear power plants.

"We already have a good experience of cooperation with Canadian partners and today we are expanding this cooperation. The conclusion of such strategic agreements is a matter of Ukraine's national security," Energy Minister German Galushchenko was quoted as saying in the statement.

Energoatom and Cameco said in February that they had agreed on commercial terms for the supply in 2024-2035 of uranium hexafluoride, which will be used in the production of nuclear fuel for nuclear power plants in Ukraine. Cameco is expected to supply 100% of Energoatom's uranium hexafluoride needs for reactors at the Rovno, Khmelnitsky and Southern Ukrainian Nuclear Power Plants during the term of the contract. The total demand of these plants for the 12-year period is about 15,300 tonnes of uranium hexafluoride (the equivalent of about 40.1 million pounds of uranium concentrate, or U3O8).

Cameco is one of the world's largest suppliers of uranium fuel.

Energoatom operates the Rovno (four nuclear power units with a total capacity of 2.835 GW), Khmelnitsky (two nuclear power units with a total capacity of 2 GW), and Southern Ukrainian (three nuclear power units of 1 GW) NPPs.