Sunday, 12 February 2012

Big uranium business for Saskatchewan via new deal with China

Big uranium business for Saskatchewan via new deal with China: "Until now, Canada was shut out of selling its uranium directly to the largest consumer – China. The natural resource is used to generate nuclear power, and although nuclear energy only accounts for 10 per cent of China’s electricity, the country intends to increase its production by six times.
“The more nuclear power they generate the less reliant they’ll be on coal. So uranium in terms of Co2 will be a clean source of energy. It’s important in one of the fastest growing economies that our uranium will replace the need for more coal generation in China,” Wall said.
China has 14 nuclear power plants – 27 new ones are now under construction.
“That is enormous growth, growth we haven’t seen in the nuclear business since the 1970s, so these new units require uranium so that’s where we come in,” said Tim Gitzel, President and CEO of Cameco, one of the leading uranium producers in the world.
Uranium production in Saskatchewan is expected to double in the next five years."

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