Agreements with Canada to help push Russia from global nuclear fuel market - Ukraine’s minister

The memorandum on cooperation in the uranium mining industry, signed between SE NAEC Energoatom and Canada’s CAMECO will speed up the process of displacing Russia from the nuclear fuel market.

This was reported by the press service of Ukraine’s Energy Ministry on Telegram, Ukrinform learned.

On April 12, SE Energoatom signed a Memorandum of Cooperation in the uranium mining industry with the Canadian company CAMECO. The document stipulates that CAMECO will be involved in technical support and development of efficient and competitive uranium production in Ukraine in order to fully cover Enegoatom’s demand for uranium oxide concentrate.

"Cooperation between the two companies will allow for attracting resources for the upgrade and development of the production infrastructure of the Eastern Mining and Enrichment Plant, which will have the most positive impact on the development of Ukraine’s uranium mining industry," the statement says.

It is noted that reaching relevant agreements is important for strengthening Ukraine's energy independence.

"The signing of the current Memorandum is the next important step for the preservation and development of the uranium mining industry in Ukraine," the ministry added.

As reported, the cooperation of CAMECO, SE SkhidHVK and SE NAEC Energoatom on increasing the efficiency of uranium production at the Eastern Mining and Enrichment Plant began in December 2021. A tripartite NDA was then signed to ensure information exchange.

On March 19, 2023, in London, Energoatom and CAMECO concluded agreements on ensuring a stable supply of uranium for the production of nuclear fuel.

CAMECO is one of the world's largest producers of natural uranium and provider of conversion services.