Canadian uranium for China

China has a new and much needed source of the uranium to fuel its hungry nuclear power plants.

Canada will sell uranium to China for use in the latter’s growing nuclear power program. The uranium deal was one of several trade pacts signed between the Chinese and Canadian governments and companies during a visit to China by Canadian Prime Minister Stephen Harper that ended late last week.

"This agreement will help Canadian uranium companies to substantially increase exports to China, the world's fastest growing market for these products," Harper said. "It will generate jobs here at home while contributing to the use of clean, reliable energy in China."

The new agreement will see the sale to China of yellowcake, a concentrated uranium powder used to make fuel rods for nuclear reactors. It can also be used to make nuclear weapons, however.

The deal will ensure that uranium exported to China will be used only for peaceful, civilian purposes, according to official Canadian sources.

Canada produces about a fifth of the world's uranium and exports more than 80% of its production. It is now the world's second largest exporter after Kazakhstan. Canada sends most of its exports to the U.S., Europe and Japan.

Canadian businesses signed nearly C$3 billion worth of deals with Chinese enterprises while entering into 23 business agreements. The fast-growing Chinese market has long been closed to Canadian producers and the new deals significantly open this huge market to Canadian firms.

Harper has said opening new markets in Asia for Canada's energy and mining resources is a priority as the country moves to improve ties with China and reduce its reliance on the U.S. His government ramped up those efforts after the Obama administration rejected a crude-oil pipeline plan. Almost all of Canada's oil exports go to the U.S.

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Tags: Canada, China, uranium, Canadian Prime Minister Stephen Harper