Monday, September 15, 2025

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Cameco Signs Uranium Supply Agreement With China, Details Muddied

Cameco Corp (TSX: CCO) reported today that it has entered into a uranium supply agreement with a subsidiary of China National Nuclear Corporation, one of the largest nuclear power operators within China. Details of the contract provided however are scarce.

The details provided surrounding the contract are intentionally muddied, with the terms and details said to be commercially confidential.

The contract is said to have been finalized earlier this year, with the contract volumes related to the agreement included in the 215 million pounds of uranium Cameco revealed as being under long-term contracts as of April 27, 2023. Cameco however has not recently used this data point in other quarterly or annual filings, limiting the ability to sufficiently guestimate the contract size.

The contract was also included in the provided figure of 28 million pounds of average annual delivery volume from the years 2023 through to 2027 as of June 30. The company notably states in the Q1 MD&A that as of March 31, average annual delivery volumes from 2023 through to 2027 were 26 million pounds, which perhaps provides a glimpse into the potential contract size.

Commentary from the Q1 2023 MD&A from Cameco. Source: Sedar

As of the end of the fourth quarter, Cameco had indicated that it expected to delivery between 29 and 31 million pounds of uranium in 2023, a figure which was not provided in later filings.

“China is counting on nuclear energy to play a major role in its commitment to achieve net-zero emissions, and CNNC is a large and growing part of that effort. Cameco is very pleased to continue increasing our contribution toward the attainment of China’s important climate goals,” commented Cameco CEO Tim Gitzel on the announcement.

Cameco last traded at $52.65 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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