Canada, China expand nuclear agreement

An

agreement signed Thursday in Beijing will help Canadian companies export more uranium to China, said Foreign Affairs Minister John Baird.

The “supplementary protocol,” signed by Baird and Liu Tienan, head of China’s National Energy Administration, will expand a nuclear co-operation agreement that’s been in place since 1994.

“Canada is committed to building stronger trade and investment ties with China, our second-largest trading partner,” Baird said in a release.

“Increased collaboration with China’s civil nuclear-energy market will give Canadian companies greater access to one of the world’s largest and fastest-expanding economies, creating new jobs, growth and long-term prosperity.”

The negotiations for the deal were completed during Prime Minister Stephen Harper’s trip to China in February.

Saskatchewan-based Cameco Corp., one of the world’s biggest uranium miners, welcomed what it called a “key milestone.”

“The ability to export Canadian-sourced uranium to China is incredibly important to our company,” said Cameco CEO Tim Gitzel in a release.

“It will mean more jobs, more development and more investment here in Canada by Cameco and other uranium producers hoping to access this huge and growing market for nuclear energy.”

Cameco signed two long-term uranium supply deals with Chinese companies in 2010, one with China Nuclear Energy Industry Corp. for 23 million pounds of uranium concentrate through 2020.

The second deal is with China Guangdong Nuclear Power Holding Co., Ltd. for 29 million pounds of uranium concentrate through 2025.

Saskatchewan Premier Brad Wall said while he awaits more detail on the agreement from the Harper government it is a “huge step” nonetheless.

“This is literally, in the long-term, billions of dollars in mining expansion. This is a lot of uranium to be sold,” Wall said in a telephone interview.

“It’s important for Canada, but of course Saskatchewan’s the source for Canadian uranium.”