Cameco Secures Long-Term Uranium Supply Deal With Slovakian Energy Giant

Cameco Corp. (TSX: CCO; NYSE: CCJ) has finalized a long-term contract to supply natural uranium hexafluoride (UF6), including conversion services, to Slovenské elektrárne (SE), ensuring fuel security for Slovakia’s Bohunice and Mochovce nuclear plants from 2028 through 2036.

Under the agreement, Cameco will provide SE with a stable and diversified supply of UF6, helping the company maintain operations across its nuclear fleet. The deal represents Cameco’s entry into a new market in Central Europe, expanding its global commercial portfolio at a time when European utilities are actively seeking to reduce reliance on Russian nuclear fuel.

Cameco CEO Tim Gitzel highlighted the agreement as a step toward strengthening Slovakia’s energy security, while SE’s Chairman and CEO Branislav Strý?ek emphasized its strategic importance in diversifying suppliers and safeguarding long-term nuclear fuel supplies.

Details of the contract remain confidential, but both companies underscored its role in ensuring stable, low-carbon power generation in Slovakia. SE, which generates more than 60% of the country’s electricity, transitioned to a fully carbon-free generation mix after closing its last coal plant in early 2024. Its portfolio includes five nuclear reactors alongside hydropower and solar assets.

Cameco, one of the world’s largest uranium suppliers, has been expanding its role across the nuclear fuel cycle, with stakes in Westinghouse Electric Company and Global Laser Enrichment. The agreement adds to a series of global supply deals as countries ramp up nuclear investments to bolster energy security and decarbonization goals.

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