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Nov 15
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With China expected to grow its nuclear power program from the 15 currently operating reactors to 67 by 2021, of which 26 are under construction, does it surprise you that China is planning on step up (acquiring?) uranium mining projects in foreign countries?
According to the China Daily, China National Nuclear Corp. (CNNC) will speedup overseas uranium mining exploration, focusing on Australia, Africa and Central Asia, to meet growing uranium demand. Sun Qin, Chairman of CNNC, the state-owned energy company which runs more than 40% of China’s nuclear facilities, said, “We have no worries about uranium resource reserves, as we will enhance efforts on exploring the resources both at home and abroad…We will step up uranium mining projects in foreign countries…The target overseas markets include Australia, Africa
and Central Asia.”
Currently 95% of China’s uranium imports come from Kazakhstan, Namibia, Australia and Uzbekistan.
China recently reported that a large leaching sandstone-type uranium deposit had been discovered in northern China’s Inner Mongolia autonomous region. Most uranium watchers in the West shrugged their shoulders when they heard the news. With the number of publicly listed uranium companies trading at multi-year or all-time lows, does it make sense that the Chinese are willing to “explore” for new resources instead of buy? Why not look to acquire uranium mining projects around the globe? The answer may be that the Chinese believe regulatory and government approval is difficult to get in certain countries
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