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Uranium Maker Rises to Market
Tekhsnabexport intends to hike uranium prices for one of its biggest clients, Canada’s Cameco Corporation. The analysts expect Russia’s company to succeed - it last grew the prices for the partner in 2001 and the cost of uranium that is in scarce supply today has increased several fold ever since.
According to Cameco, Tekhsnabexport has demanded to negotiate the price change for uranium supplied to Cameco Corporation under Russia’s-U.S. HEU-LEU Agreement. The matter at stake is raising the prices for the remaining term of the Agreement. The price for uranium was agreed on far back in 2001, when its cost on the global markets was several fold below today’s value. Tekhsnabexport’s proposal was received straight after Cameco released its Q3’07 results, which happened October 30.
In Tekhsnabexport, they refused to comment on the talks with Cameco yesterday.
Under the HEU-LEU Agreement that was inked in February 1993, the highly enriched uranium from nuclear weapons of Russia is being processed into the low-enriched uranium for its further use as the nuclear plant fuel.
The worth of product and services that Tekhsnabexport exported in 2006 was roughly $2 billion, including $730 million under the HEU-LEU Agreement. In addition to Cameco, Tekhsnabexport sells uranium to Areva and Nukem, but the Canadian company is its key client, annually buying 7 million pounds of uranium under the long-term agreement with Tekhsnabexport.
Cameco said it would decide on the prices once it deliberates on Tekhsnabexport’s proposal with the partners, Areva and Nukem. At the same time, it specified that all parties are willing to continue cooperation.
www.kommersant.com
All the Article in Russian as of Nov. 02, 2007
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