CADF signs extraction deal for uranium

China National Nuclear Corporation (CNNC) announced Tuesday that it has signed a contract with the China-Africa Development Fund (CADF) on uranium exploration in Africa.

China Uranium Corporation, a subsidiary of CNNC, will set up a joint venture company with CADF in Beijing to carry out the uranium investment and exploration, according to the statement.

"Chineseis basically capable of exporting nuclear technologies," said Zhou Xiujie, analyst with the China Investment Consulting.

"China will start nuclear power cooperation with Belorus, Vietnam, Argentina and South Africa and has plans to sell nuclear reactors to Pakistan."

Due to international and domestic concerns about air quality and global warming, China has been looking to nuclear as an alternative to coal fired power.

At present, the country has 11 nuclear power reactors with 9.08 million megawatts of nuclear capacity. China has kicked off the most aggressive nuclear power expansion program in the world, which is expected to output 75 million megawatts by 2020.

"For a long time, China and Africa countries have had good ties, politically and economically, which lays good foundations for future of nuclear cooperation for CNNC," Zhou said.

The State-owned CNNC is the largest nuclear enterprise in China by capacity. CNNC is a nationwide industrial conglomerate integrating science, technology, industry, and international trade.

Source: Global Times