China Nuclear Seeks Canadian Acquisition for Urani
By Rob Delaney
April 9 (Bloomberg) -- China National Nuclear Corp., thenation's largest nuclear power plant builder, said it is lookingfor Canadian acquisitions or partners to help boost uraniumreserves and its plans to sell reactors in North America.
The state-owned company is considering options includingtakeovers and supply agreements that range in value from``several hundred million dollars to more than a billion,'' CuiJianchun, general manager of subsidiary CNNC Finance Co., saidin an interview in Toronto.
China and Canada agreed in 2005 to jointly develop uraniummines and oil reserves to expand trade between the two countries.China National Nuclear may exchange shares in CNNC Finance withlisted Canadian uranium companies to form partnerships that willadd to reserves of the fuel and enable the Beijing-based companyto sell reactors in the region, Cui said.
``Canada is a large country with proven reserves and ourgovernments have signed a cooperation agreement to make thiseasier,'' Cui said yesterday. ``China has plans for as many as30 new nuclear plants between now and 2020, so our need foruranium is great.''
China National Nuclear executives have met counterpartsfrom Saskatoon, Saskatchewan-based Cameco Corp., the world'slargest uranium producer. The two companies aren't in ``direct''talks on an agreement, Cui said, declining to identify any otherparties the company is interested in. Cameco spokeswoman AliceWong wasn't immediately available to comment.