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CGN and Cameco Signed Agreement on Exploitation of Uranium Resources


CGN Chairman Mr. He Yu was invited to attend the “China (Guangdong)-Canada (British Columbia) Economic and Trade Cooperation Conference” in Vancouver, Canada on May 9, 2016. In the witness of member of the Political Bureau of CPC Central Committee and Secretary of the CPC Guangdong Provincial Committee Hu Chunhua and British Columbia premier Christy Clark, He Yu signed the “Agreement on Further Expanding and Deepening the Joint Exploitation of Uranium Resources” with Tim Gitzel, President and CEO of Cameco which is the largest uranium supplier in Canada during the conference.  Under the Agreement, the two companies will enhance the cooperation on green field uranium exploration projects.

Hu Chunhua said that the partnership between CGN and Cameco set an example for the cooperation between businesses of both countries. He also encouraged enterprises from China and Canada to further enhance communications and deepen economic and trade cooperation for the benefits of both peoples.

After the conference, He Yu held talks with management of Cameco and Fission respectively. During the talks with Cameco, Tim congratulated CGN on its achievements, and expressed the expectation to strengthen the bonding and connection between each other to establish a comprehensive strategic partnership. He Yu appreciated the stable trade relations established by both parties, and looked forward to an early implementation of the cooperation in the field of uranium resources to jointly exploit high-grade uranium in Athabasca Basin and face the future opportunities and challenges together.

In January 2016, CGN completed the share transfer transaction with Fission Uranium Corporation and became its largest shareholder. During the conference and the talk between CGN and Fission, Fission Chairman and CEO Dev Randhawa  made a comprehensive presentation about the company’s general information and subsequent exploration and development plans. Fission appreciated that CGN brought investment into the company in sluggish market condition, and felt proud to have CGN as its shareholder and partner. He Yu thanked a lot to the management members of Fission, extended congratulations on the achievements of PLS project, and hoped to improve all activities safely and effectively with strictly complying with Canadian laws and regulations as well as to maintain the well-balanced relationship between project exploration and preparation, seeking to put PLS project into operation on schedule, thus to realize the maximization of shareholders’ values.