Ukraine’s state-owned nuclear energy utility Energoatom and Canada-based uranium producer Cameco have reached agreement for a major supply contract for Cameco to provide natural uranium hexafluoride (UF6) to meet Ukraine’s full nuclear fuel needs to 2035.

Key commercial terms, such as pricing mechanism, volume and tenor, have been agreed, but the contract is subject to finalisation, anticipated in the first quarter of 2023.

The 12-year agreement will run from 2024, with all deliveries in the form of UF6. Cameco said the contract will contain “a required degree of flexibility”, given present circumstances in Ukraine.