TORONTO (miningweekly.com) – Canada's nuclear industry is expected to gain significant benefits from Canada and Kazakhstan signing a nuclear cooperation agreement, the Canadian Nuclear Association (CNA) said on Friday.

The CNA said the agreement was an important part of government efforts to strengthen Canada's prosperity and create employment through export trade initiatives.

The agreement was signed in Astana this week by Canadian Foreign Affairs Minister John Baird and Kazakhstan deputy Prime Minister and Minister of Industry and New Technologies, Asset Issekeshev.

The nuclear cooperation agreement – together with the administrative arrangements – would enable Canadian and Kazakh companies to export and import controlled nuclear materials, equipment and technology under safeguards applied by the International Atomic Energy Agency.

The two countries had concluded negotiations on the text of a nuclear cooperation agreement and signed a letter of intent in September 2009.

Mining Weekly Online recently reported that bullish analysts and commentators had highlighted wider macro factors that would eventually act as key supports for Canadian output, global spot prices and fixed-term supply contracts. Canada is poised to reap great rewards as the world’s second-largest producer of uranium, they argued.

“The CNA is supportive of Canada's international trade and investment initiatives in the uranium mining sector. This agreement will provide access for members of Canada's nuclear industry to Kazakhstan's growing nuclear market and allow our industry to export controlled nuclear materials, equipment and technology, which will create jobs and bring economic benefits to Canada,” said CNA president Dr John Barrett said.

Canadian uranium miner Cameco has also welcomed the accord. Cameco said the cooperation agreement opened opportunities to advance its partnership with Kazatomprom, which would strengthen its business and support continued growth.

“Kazakhstan has an ambitious plan for its uranium mining and nuclear energy programme, and this agreement allows us to work closely with our partners to realise that potential,” Cameco president and CEO Tim Gitzel said.

The agreement was expected to come into force following respective domestic processes.