Cameco predicts China boost as wait to re-open mines continues
While it will come as little consolation to the hundreds of people laid off in the North, the CEO of Cameco has returned from China encouraged about the long term future of the sector and the two currently dormant mines.
Tim Gitzel was part of Premier Scott Moe’s first trade mission there over the last week and said having a continuing client like China, with such an aggressive growth strategy for nuclear power, was crucial to operations in McArthur and Key Lake.
“Without China as a good customer it would make [the current situation] even more difficult,” Gitzel told paNOW. “Today, China has 57 reactors either in operation or under construction, and they told the premier and us that they plan to have thirty more under construction by 2020; that’s phenomenal growth.”
That growth Gitzel said, was vital for the long term, because China would be wanting a secure supply of high grade uranium some 40 years into the future as they expand their clean energy production.