Cameco adds new uranium supply from Finland

For the first time in 50 years, Finland will be producing its own uranium.

Cameco has signed two agreements with the Talvivaara Mining Company Plc. to help build, design and operate a uranium extraction circuit that will be added to the Sotkamo nickel-zinc mine in eastern Finland. Production from the circuit is expected to begin in 2013.

Financial benefits

Cameco will purchase the uranium concentrate produced by the circuit providing a cost-effective source of uranium supply to help meet market requirements. Separation of uranium as a byproduct improves the purity of the main products of the mine and provides an additional revenue source.

Environmental benefits

The uranium extraction circuit allows Talvivaara to profit from what has been an impurity in the main products causing quality challenges. The circuit transforms an environmental and financial liability into an asset.

Building a uranium extraction circuit at an existing industrial site also means less environmental impact and waste. Development of a new production facility on a greenfield site production would create a larger environmental footprint.

Local demand

Finland produces approximately one third of its electricity through nuclear power generation. With four operating reactors, a fifth under construction and two others in development, a local source of uranium supply will be welcome in Finland.