Wedoany.com Report-Sept. 16, Cameco, a Canadian uranium company, has entered into a long-term agreement with Slovenské elektrárne to provide uranium and conversion services for the operation of nuclear power plants in Slovakia until 2036. The deal marks an expansion of Cameco’s commercial portfolio into a new market, with supply set to begin in 2028.

Representatives of both companies marked the agreement at an event in London recently

Tim Gitzel, CEO of Cameco, emphasized the importance of this cooperation: “Cameco is proud to play an essential role helping Slovakia meet its nuclear fuel needs. With this long-term agreement, we are adding a new market to our global commercial portfolio and supporting Slovakia with a stable, reliable supply of uranium fuel that is expected to enhance energy security in the region.”

The agreement covers both uranium supply and conversion services, which are crucial in the nuclear fuel cycle. Conversion is the process of refining uranium oxide (U3O8) into uranium dioxide (UO2) and then transforming it into uranium hexafluoride (UF6) gas, a form suitable for enrichment and subsequent use in nuclear reactors. Slovenské elektrárne highlighted the significance of securing such services for the long-term stability of its nuclear operations.

Branislav Strýček, Chairman and CEO of Slovenské elektrárne, underlined the importance of the contract: “Slovenské elektrárne has succeeded in securing a long-term and reliable supply of a significant share of this key raw material until 2036, which is a significant step for Slovakia's energy security. The contract is strategic for Slovenské elektrárne - allowing us to diversify our suppliers, reduce our dependence on one source, and at the same time guarantee the smooth operation of our nuclear power plants.”

The supply secured under this agreement will be used to support operations at Slovakia’s Bohunice and Mochovce nuclear power plants. Nuclear energy plays a vital role in the country’s electricity production, and the long-term supply arrangement is designed to ensure the plants can continue to function reliably well into the next decade.

Although financial and commercial details of the contract remain confidential, both companies stressed its strategic importance. For Cameco, the deal reflects its broader objective of expanding into new markets and strengthening its role in the global nuclear fuel supply chain. For Slovenské elektrárne, the agreement helps secure the materials required to maintain stable electricity generation and strengthens its long-term energy security strategy.

By ensuring steady uranium supply and conversion capacity, this partnership is expected to bring mutual benefits and stability to both parties. It highlights the role of international cooperation in nuclear energy and underlines the importance of reliable fuel supply in supporting national energy strategies.

Overall, the Cameco-Slovenské elektrárne agreement demonstrates how long-term partnerships can help countries maintain consistent nuclear power production, while also enabling suppliers to diversify their global reach. With the contract running until 2036, it positions both companies to support stable and secure nuclear energy development in the years ahead.