Canadian Manufacturers & Exporters

Canadian Manufacturers & Exporters

February 09, 2012 15:49 ET

New Deal With China on Uranium Exports Will Create Jobs for Canadians: CME

OTTAWA, ONTARIO--(Marketwire - Feb. 9, 2012) - A new deal struck today between Prime Minister Stephen Harper and the Chinese government will open new markets for Saskatchewan uranium and will create sustainable, high-paying jobs in the country's fastest growing economy, according to Canadian Manufacturers & Exporters (CME).

Under the agreement, China will be granted access to imports of Canadian Yellowcake for the first time, providing it verifies the uranium is being used for civilian purposes. The pact could be worth as much as $3 billion.

"Northern resource development is a cornerstone in Canada's strategy to diversify energy production and increase the standard of living for Canadians," explains CME President & CEO, Jayson Myers. "Saskatchewan's Athabasca Basin is home to the largest high-grade uranium deposit in the world. As such, it has the potential to be a major source of employment and long-term economic stability."

Forty-two per cent of mine workers in northern Saskatchewan are Aboriginal. Experts suggest that number may grow dramatically over the next five years, as uranium production in the province is expected to double.

"Whether it's uranium from Saskatchewan, oil from Alberta or natural gas from New Brunswick, it's time we capitalize on the potential of our energy supply," says Myers. "CME congratulates the Prime Minister on this important step to open up new opportunities for both Canadian exports and Canadian workers."

Following this week's announcements, CME looks forward to Canada and China finalizing their renewed memorandum of understanding on nuclear energy cooperation to cover research and development activity on recycled uranium and thorium. This would further expand access to China's market for Canadian nuclear technology.

CME Chairman Roy Cook is accompanying the Prime Minister on his trip to China this week with other business leaders from across the country.

About CME

Canadian Manufacturers & Exporters (CME) is Canada's largest trade and industry association, and the voice of manufacturing and global business in Canada.

Since 1871, we have made a difference for Canada's manufacturing and exporting communities. Fighting for their future. Saving them money. Helping them grow.

The association represents more than 10,000 leading companies nationwide. More than 85 per cent of CME's members are small and medium-sized enterprises. As Canada's leading business network, CME - through various initiatives including the establishment of the Canadian Manufacturing Coalition - touches more than 100,000 companies from coast to coast, engaged in manufacturing, global business and service-related industries.

CME's membership network accounts for an estimated 82 per cent of Canadian manufacturing production and 90 per cent of all exports.

Contact Information