Cameco signs major uranium supply deal with India

[petros]

Canada’s largest uranium producer has signed a sales agreement with India. Cameco will provide the Department of Atomic Energy of India with 7.1 million pounds of uranium concentrate under a long-term contract through 2020.

"This contract opens the door to a dynamic and expanding uranium market," Cameco president and CEO Tom Gitzel said in a statement. "Much of the long-term growth we see coming in our industry will happen in India and this emerging market is key to our strategy."

The agreement, worth $350-million to Cameco, was announced by Prime Minister Stephen Harper during Indian Prime Minister Narendra Modi’s visit to Canada Wednesday.*Cameco shares (CCO.TO*6.58%) surged almost five percent Wednesday to $19.80 on the TSX after the news was announced.*

“This is a landmark deal for Cameco as it gives the company access to the second fastest growing uranium consumer in the world. The long-term supply agreement will provide revenue security at profitable prices for the company that could underpin its financial position, possible acquisitions, or even a dividend increase,” Cantor Fitzgerald analyst Rob Chang wrote in a note to clients. Chang has a ‘buy’ rating on Cameco with a price target of $26.15.

India uses nuclear power for three percent of its electricity, but a Cameco spokesman told Bloomberg News it hopes to increase that number to 25 percent by 2050. Since coming to power, Modi has tried to speed up price negotiations for building new reactors and purchasing fuel from France and Canada.

“India has a dynamic and growing nuclear energy program, and the opportunity to supply this major customer is a huge deal for our industry, the workers it employs and the Saskatchewan communities it supports,” Saskatchewan Premier Brad Wall, who was in Ottawa for the announcement, said in a statement.

Canada banned exports of uranium and nuclear hardware to India in the 1970s after New Delhi used Canadian technology to develop a nuclear bomb. But the two countries opened the door to nuclear co-operation with a deal that took effect in 2013.

Cameco signs major uranium supply deal with India - BNN News

 

[Tecumsehsbones]

No point in bolting the barn door after the horse has done likewise.

 

[#juan]

Now let's sell a bunch to Pakistan....Gotta keep it even....:lol:

 

[Tecumsehsbones]

Now let's sell a bunch to Pakistan....Gotta keep it even....:lol:

And Iran.

*oh, no, he didn't!*

 

[Cliffy]

We have learned nothing from Chernobyl or Fukushima. I'm so thrilled that our grandchildren will glow in the dark and we can finally do away with all those batteries in land fills.

 

[petros]

We have learned nothing from Chernobyl or Fukushima. I'm so thrilled that our grandchildren will glow in the dark and we can finally do away with all those batteries in land fills.

Says the guy living in Radium Heights.....

 

[Cliffy]

Canadians oppose uranium deal

Saskatchewan’s premier, Brad Wall, has lauded the possibility of a uranium deal and said it would boost Cameco revenue and support jobs in Saskatchewan.

Canadians, though, are against any such pact, according to an Internet survey by Angus Reid Institute.

While 81 per cent of respondents see trade with India as a “can’t-miss” or “important” opportunity for Canada, 60 per cent said they opposed helping develop India’s nuclear energy industry, according to the poll.


Canadians oppose uranium deal as Indian PM Narendra Modi visits | Toronto Star

 

[Dexter Sinister]

Says the guy living in Radium Heights.....

Umm... okay, you say you're a geologist, would I be right in thinking you're employed by Cameco? I used to work there myself, in the IT area, in fact I wrote most of the software the exploration geologists and geophysicists used before 1993, when I moved on to other employment. I'm sure it's all been superceded now, that was a long time ago, but do the names Ron Pender, Terry Budd, Rene Drotar, mean anything to you?

 

[MHz]

Iran would supply it if this deal fell through. Notice the Company profits are mentioned separately from 'jobs'. What would be the real split in the deal, shareholders get 90% and workers get 10%?
How many of those shareholders are Canadian as Canada isn't allowed to gobble up US corporations let lone one deep in the EU.

The new company was initially owned 62% by the provincial government and 38% by the federal government. The initial public offering (IPO) for 20% of the company was conducted in July, 1991. Government ownership of the company decreased over the next eleven years, with full privatization occurring in February, 2002.
In 1996, Cameco acquired Power Resources Inc., the largest uranium producer in the United States. This was followed in 1998 by the acquisition of Canadian-based Uranerz Exploration and Mining Limited and Uranerz U.S.A., Inc.
In 2012, it acquired a nuclear fuel intermediary Nukem Energy.[3]


http://en.wikipedia.org/wiki/Cameco

 

[petros]

Umm... okay, you say you're a geologist, would I be right in thinking you're employed by Cameco? I used to work there myself, in the IT area, in fact I wrote most of the software the exploration geologists and geophysicists used before 1993, when I moved on to other employment. I'm sure it's all been superceded now, that was a long time ago, but do the names Ron Pender, Terry Budd, Rene Drotar, mean anything to you?

GIS/remote sensing crew?

 

[MHz]

Gravity testers? I don't think so. Canada hired Russia to do an aerial survey of the whole 'north' where Edmonton and Winnipeg would have been the bottom of the map. Maybe the newest version is what they were doing off the west coast of NA not so long ago, same with the UK just recently. We would have a version of that same map.
Russia Mineral Map | Natural Resources of Russia

Back in the day, vibrator seismic crews (and the gravity testers that tagged along) was the only e-data available and that covered about 1% of the total area. Canada would seem to be behind in the same areas.

U.S. Geological Survey: International

 

[taxslave]

Canadians oppose uranium deal

Saskatchewan’s premier, Brad Wall, has lauded the possibility of a uranium deal and said it would boost Cameco revenue and support jobs in Saskatchewan.

Canadians, though, are against any such pact, according to an Internet survey by Angus Reid Institute.

While 81 per cent of respondents see trade with India as a “can’t-miss” or “important” opportunity for Canada, 60 per cent said they opposed helping develop India’s nuclear energy industry, according to the poll.


Canadians oppose uranium deal as Indian PM Narendra Modi visits | Toronto Star

Funny no one asked any of us how we feel about it. Did the poll include anyone besides the protesters outside the gate?

 

[MHz]

That was last century, this century it is 'if we even did a poll the results would show, . . . '

Go to Japan, they can pick it up iff the ground and maybe even get paid a bit to do it.

The unemployed guys at the gate are looking for work, the protest sign is hoping to make the wages higher.

 

[Cliffy]

Funny no one asked any of us how we feel about it. Did the poll include anyone besides the protesters outside the gate?

If you read the article, you would not have to ask stupid questions.

 

[Liberalman]

Saskatchewan uranium as good as their wheat.
Canada, what a country.

uranium good for defence

Pokhran, India

Keeping energy alive

 

[MHz]

Combine the radiation with the asbestos we still sell them and . . . nothing to see here, move along moo cows.

 

[Cliffy]

Recognizing the growing awareness that nuclear power is not a cost-effective, timely, practical or safe response to climate change, and applauding the enormous expansion of the use of renewable energy and the significant strides made in recent years to phase out nuclear power;
Acknowledging the need for sustainable development and responsible environmental stewardship;
Recognizing the unique health, environmental and social dangers present at all stages of the nuclear chain, from the exploration, mining and milling of uranium, to nuclear power generation, the development of nuclear weapons and the storage of radioactive waste;
Recognizing that the risk of contamination resulting from the extraction, use and storage of radioactive substances presents a unique and grave threat to all living creatures, their environments and watersheds, transcending all political and geographic boundaries and enduring for eons to come;
Recognizing that there are stores of radioactive waste throughout the world that have not been effectively isolated;


More: Quebec Declaration on Uranium | Symposium mondial sur l'uranium - 14-15-16 avril 2015 à Québec