Agreement opens up Canadian uranium exports to critical market
OTTAWA, April 9, 2013 /CNW/ - The Mining Association of Canada (MAC) supports the finalization of the Appropriate Arrangement for Nuclear Cooperation, signed by the Canadian Nuclear Safety Commission and India's Department of Atomic Energy yesterday, as it puts the Canadian uranium industry one important step closer to trading with India.
"This is tremendous news for Canada's uranium mining industry, which is the second largest in the world," said MAC's President and CEO, Pierre Gratton. "This puts Canada in position to capitalize on growing global demand for nuclear energy and opens up the uranium sector to India, which is a large and strategic emerging market for the commodity as a key source of power."
The finalization of the arrangement is pursuant to the Agreement between the Government of Canada and the Government of India for Cooperation in the Peaceful Uses of Nuclear Energy. The arrangement outlines the tracking, monitoring and reporting requirements that will ensure the material is used for peaceful civilian purposes only. It was the next step towards full implementation of the Nuclear Cooperation Agreement (NCA) between Canada and India, which was signed in 2010. Yesterday's signing also follows Prime Minister Harper's statement in November 2012, which announced that the negotiations for the arrangement had concluded. Together, the NCA and the Appropriate Arrangement will allow Canadian companies to export nuclear materials, equipment and technology for peaceful uses to India, in accordance with Canada's nuclear non-proliferation policy."The arrangement is a significant accomplishment for Canada, and bodes well for the country's uranium producers and the Canadian export industry as a whole," said Gratton. "Symbolically, it demonstrates Canada's commitment to nuclear cooperation with other countries, while ensuring our nuclear products are used for peaceful purposes only." According to MAC's Facts & Figures 2012 report, global demand for uranium has increased in recent years as countries have embarked on new nuclear energy programs or expanded existing ones. Cameco's McArthur River mine in northern Saskatchewan is the world's largest and highest-grade uranium deposit. Together, uranium and potash propelled Saskatchewan to be ranked the second largest region in Canada by mineral production value in 2011 at $9.2 billion. About MAC The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit www.mining.ca. SOURCE Mining Association of Canada (MAC)