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Cameco signs 10-year uranium deal with Bulgaria

Under the terms, it will deliver the equivalent of about 5.7 million pounds of uranium

Jeff Lagerquist
·1 min read
Cameco President and Chief Executive Officer Tim Gitzel speaks with media following the company's annual general meeting in Saskatoon on May 28, 2014. Uranium miner Cameco Corp. says it swung to a $13 million loss in the third quarter, as revenue dropped 38 per cent from the comparable period last year. The company says the loss for the quarter ending Sept. 30 worked out to three cents per share, compared with earnings of $28 million or seven cents per share for the same quarter last year. THE CANADIAN PRESS/Liam Richards
Cameco president and CEO Tim Gitzel speaks with media following the company's annual general meeting in Saskatoon on May 28, 2014.

Cameco (CCO.TO)(CCJ) has signed a 10-year uranium supply contract with Bulgaria, the company announced on Thursday.

Saskatchewan-based Cameco says the deal extending through 2033 is its first with the Balkan nation.

Under the terms, Cameco will deliver the equivalent of about 5.7 million pounds of uranium, sufficient volume to power the Kozloduy 5 Reactor at the country's only nuclear generating station.

"We are very pleased to add another market to Cameco's global commercial portfolio, and to expand our contributions to countries like Bulgaria that are seeking to enhance their energy security while affirming their commitment to carbon-free nuclear power in achieving their climate goals," Cameco president and CEO Tim Gitzel stated in a news release.

Nuclear power accounts for more than one-third of Bulgaria's electricity supply. Kozloduy 5 is one of two reactors operating in the country.

Toronto-listed Cameco shares fell 0.32 per cent to $34.26 as at 3:32 p.m. ET on Thursday.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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