Cameco (CCJ), contrato de 26 mil millones de dólares de India · alianza nuclear de 80 mil millones de dólares de EE. UU... Aprovechar el superciclo del uranio

Canadian uranium company Cameco (CCJ) is further consolidating its position in the “nuclear revival” wave through expanded long-term supply agreements and strategic cooperation with the U.S. government. From signing large contracts with India to expanding Westinghouse reactor business, Cameco’s long-term growth prospects in the uranium market continue to heat up.

Recently, Cameco announced it had signed a nine-year long-term contract with India’s Department of Atomic Energy to supply approximately 22 million pounds of uranium (U3O8). The contract is valued at about $2.6 billion (approximately 3.744 trillion KRW), with a supply period from 2027 to 2035. The price is based on $86.95 per pound, linked to market prices, with specific terms not disclosed. This move is considered significant, as it was among the first to lock in India’s growing demand amid global nuclear power plant expansion trends.

Its influence in the European market is also expanding. Cameco signed a supply contract for uranium hexafluoride (UF6) with Slovakia’s state-owned power company Slovenské Elektrárne from 2028 to 2036. The contract provides fuel and conversion services for the Bohunice and Mochovce nuclear power plants, aligning with policies to strengthen energy security and diversify supply chains.

Cameco’s performance also exceeded market expectations. In 2025, the company is projected to achieve annual sales of $3.482 billion (about 5.0364 trillion KRW) and a net profit of $590 million (about 849.6 billion KRW). Adjusted EBITDA is expected to be $1.929 billion (about 2.7778 trillion KRW), driven by uranium and fuel services businesses and Westinghouse equity income. As of year-end, the company held $1.2 billion in cash (about 1.728 trillion KRW), maintaining financial stability.

Notably, Cameco has secured long-term supply contracts totaling approximately 230 million pounds, establishing a stable revenue base for the coming years. This indicates that, compared to the more volatile spot market, its strategy centered on long-term contracts is proving effective.

In the U.S., bigger opportunities are emerging. Cameco is collaborating with Brookfield to advance a strategic partnership with the U.S. Department of Commerce aimed at expanding Westinghouse reactor deployment. This is a new investment project totaling $80 billion (about 115.2 trillion KRW), with large-scale nuclear plant construction expected to commence under federal support. Under this framework, the U.S. government could earn 20% of the profits under certain conditions, and if the company’s valuation exceeds $30 billion (about 43.2 trillion KRW) before 2029, an IPO could be initiated.

Westinghouse’s contribution to performance is also rapidly increasing. Cameco expects its 49% stake in Westinghouse to generate an additional EBITDA growth of about $170 million (approximately 244.8 billion KRW) in 2025. The main context is participation in the Dukovany nuclear plant project in the Czech Republic; further expansion into fuel supply and services could yield even greater long-term benefits.

However, there have been some setbacks in production. Due to delays in developing the McArthur River mine and issues with ground freezing, production outlook has been revised downward from 18 million pounds to 14-15 million pounds. Cameco states it will minimize supply disruptions through spot market purchases and inventory utilization.

Despite these variables, the market remains positive about Cameco’s strategic positioning. This is because nuclear expansion policies, energy security reinforcement, and carbon neutrality goals are stacking up, making structural growth in uranium demand likely to continue. The company also emphasizes: “Expanding long-term contracts and disciplined operations of supply strategies will be central to future value creation.”

Comment: As the nuclear market experiences structural growth, Cameco is evolving from a resource company into a “core supplier of energy infrastructure.” The combination of Westinghouse cooperation and expanding global long-term contracts makes it more likely to establish itself as a beneficiary of the uranium supercycle.