Cameco and Energoatom

About the project

Cameco Corporation (Cameco), one of the largest global producers of uranium fuel based in Canada, has achieved a significant milestone in collaboration with SE NNEGC Energoatom (Energoatom), Ukraine’s state-owned nuclear energy utility. They have reached an agreement on commercial terms for a major supply contract. The contract aims to provide sufficient volumes of natural uranium hexafluoride (UF6), which consists of uranium and conversion services, to meet Ukraine’s full nuclear fuel needs through 2035.

Key details

Here are the key details of this important agreement:

• Duration: The 12-year agreement will run from 2024 through 2035.
• Supply: Cameco will supply 100% of Energoatom’s UF6 requirements (consisting of uranium and conversion services) for the nine nuclear reactors at its Rivne, Khmelnytskyi, and South Ukraine nuclear power plants throughout the contract term.
• Contract Flexibility: Given the present circumstances in Ukraine, the contract will contain a required degree of flexibility.
• Potential Expansion: The contract also includes an option for Cameco to supply up to 100% of the fuel requirements for the six reactors at the Zaporizhzhya nuclear power plant, which is currently under Russian control. If exercised, this option would require approximately 10.4 million KgU as UF6 over the contract period.

This collaboration represents a significant step toward ensuring supply security for Ukraine’s nuclear fuel needs, especially during these challenging times for the country. Both companies recognize the importance of their partnership in supporting Ukraine’s energy independence and safe nuclear power generation.