Canadian uranium miner for joint venture in India

CHENNAI - With India planning to acquire uranium mines abroad, Canadian uranium mining major Cameco has expressed interest in partnering with the Uranium Corp of India Ltd (UCIL) or Nuclear Power Corp of India Ltd (NPCIL) within or outside the country.

The $2.3 billion turnover company, having interests in uranium exploration, mining and nuclear power generation, has also declared its interest in supplying uranium to power the growing number of Indian reactors.

“Cameco is interested to supply uranium to India from Canadian as well as non-Canadian countries with which India has a nuclear cooperation agreement,” president of Cameco India Chaitanyamoy Ganguly told IANS.

Accounting for about 16 percent of the world’s uranium production, Cameco is one of the largest producers.

The company has its mines in Canada and the US. It has direct interest in around 70 exploration projects in six countries and ownership interests in Canada, Australia, Kazakhstan, the US, Mongolia and Peru.

Minister of State for Science and Technology Prithviraj Chavan recently told reporters about India’s interest in buying uranium mines in Africa following the model of the Oil and Natural Gas Commission (ONGC).

The oil and gas giant has set up subsidiary ONGC Videsh to acquire oil fields abroad.

Within India, Ganguly said, Cameco can extend its exploration or mining expertise to the UCIL.

“Our idea is that during the first phase we will supply uranium to India. In the second, we will become a joint venture partner in a mining company. Cameco can extend its expertise in operation and maintenance,” he said.

In 2009, Cameco produced around 21 million pounds (around 952 tonnes) of uranium and its corporate plan is to double that by 2018.