The long-term outlook for the uranium sector seems to improve by the day, with new agreements constantly being reached that will result in new nuclear plants and, therefore; increased demand for uranium.
This week, a general contract was signed between China and Argentina under which China National Nuclear Corporation (CNNC) and CNNC subsidiary China Zhongyuan Engineering Corporation for the supply to Argentina of two nuclear reactors. In November 2015, Argentina signed deals with China for the construction of its fourth and fifth nuclear power plants, and this week the general contract was signed when leaders of the two nation met.
Meanwhile, India is powering ahead with its nuclear power program with the country’s government recently approving the construction of ten indigenously designed pressurized heavy water reactors, according to World Nuclear News. Speaking about the development, Indian Prime Minister Narendra Modi said that the approval was a “significant decision to fast-track India’s domestic nuclear power program”.
The Cabinet’s did not give a timeline for the construction and/or opening of the new plants, but said the project would result in a “significant augmentation” of the country’s nuclear generation capacity. India is expected to double its nuclear power capacity over the next five years.
Also this week, Kansai Electric Power Company announced that it had restarted unit 4 of its Takahama nuclear power plant in Fukui prefecture. The reactor had been offline since March 2016 after nearby residents filed a petition with the Otsu District Court for a temporary injunction against the operation of Takahama 3 and 4. Takahama 4 is expected to re-enter commercial operation next month.