Cameco to Supply China with Uranium (CCJ) - Cameco (NYSE:CCJ)

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Cameco (NYSE: CCJ) has come to an agreement with two separate Chinese companies to supply uranium. Cameco has come to an agreement with a subsidiary of China National Nuclear Corporation to supply 23Mlb of uranium through 2020. BMO Capital Markets says "this is the equivalent of around 10% of Cameco’s current production and around 7% of current sales volumes."CCJ also came to an agreement with China Guangdong Nuclear Power to pursue opportunities to supply nuclear fuel and developing uranium resources.This is Cameco's first foray into China.China is planning on expanding nuclear power generating capacity dramatically in the next 10 years, from 9 gigawatts today to more than 70 gigawatts by 2020.Cameco is rated Market Perform by BMO, with a price target of $30.00. CCJ is currently trading at $23.18.

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