TORONTO (miningweekly.com) – Canada has concluded negotiations on the text of a nuclear cooperation agreement with Kazakhstan, Canadian Minister of International Trade Stockwell Day said on Thursday.

One of the companies that will benefit from the agreement is uranium giant Cameco Corp, which is based in Canada.

Cameco owns 60% of the Inkai project in Kazakhstan, while Kazakh government-owned miner Kazatomprom owns the other 40%.

“Once implemented, this agreement will allow us to expand our role and presence in the country and develop partnerships that will allow Cameco and Kazatomprom to work together on opportunities to convert uranium,” Cameco CEO Gerald Grandey said.

A nuclear cooperation agreement will “ensure that all nuclear material, equipment and technology transferred by Canada will be used only for peaceful, non-explosive purposes”, the Canadian government said in a statement.

The two governments will now finalise the legal text ahead of its signature and implementation.

“This agreement will open up the civil nuclear market to Canadian companies, who have a full array of products and services to offer Kazakhstan’s growing market for nuclear energy,” Day said.

“Given its expertise in nuclear energy, Canada will continue to play a growing role in this energy-rich country, especially in oil and gas and uranium extraction, as well as in the supply and service of pipeline equipment.”

Canada currently holds about 10% of the world’s nuclear-reactor market.

Canada’s nuclear-energy industry is worth approximately $6,6-billion in annual revenues and exports about $1,2-billion worth of products and services each year.

More than one-fifth of the world's uranium reserves are located in Kazakhstan.

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