Cameco Corp., the Canadian uranium company that is partnered with Bitterroot Resources Ltd. and Trans Superior Resources Inc. to explore for uranium in Michigan’s western Upper Peninsula, is negotiating with China to supply uranium for power plants.
Desperate for energy and struggling with air pollution from coal-fired power plants, China plans to build 14 new nuclear reactors in the next five years, according to Steve Halpern of thestockadvisors.com.
Nuclear power development is an “unstoppable trend,” Halpern wrote, and “more than any other company in the world, Cameco is the most direct beneficiary of the build-out of nuclear plants.”
On Wednesday Bloomberg reported that shares of Cameco rose after Chinese officials with China National Nuclear Corp. met with Cameco to discuss Canadian acquisitions and partnerships. Cui Jianchun, general manager of the CNNC Finance Co., reportedly said that China is considering takeovers and uranium supply agreements that range in value from “several hundred million dollars to more than a billion.”