Rosatom's Kirienko Sees Nuclear `Renaissance,' Demand Doubling by 2030

Rosatom Corp., Russia’s state-owned nuclear holding company, says the number of nuclear power plants globally will double by 2030 in a “nuclear renaissance.”

“We would like to double in size also,” Chief Executive Officer Sergei Kirienko said today in an interview after speaking to investors in Toronto today.

Uranium demand will double or triple as more governments turn to nuclear energy, Kirienko said. Prices will climb even as production increases, he said.

“I don’t think the price will skyrocket but the tendency is growth,” he said.

Rosatom is seeking more sources of uranium so that it can supply fuel to the reactors it’s building for foreign clients. The company said in May it was ready to invest $1 billion to develop deposits in Namibia, the fourth-biggest producer. In June, Rosatom’s Uranium Holding ARMZ unit agreed to acquire a controlling interest in Toronto-based Uranium One Inc. for $610 million in cash plus stakes in two Kazakh mines.

Rosatom has no plans to lift its stake in Uranium One to more than 51 percent. It will keep the Canadian company publicly traded as that will help to secure more financing, Kirienko said in his speech to investors.

The Russian company and Uranium One are in talks on “prospects for development of our joint company,” Kirienko said in the interview. “If those talks succeed, there may be need for more borrowing.”

To contact the reporter on this story: Hugo Miller in Toronto at hugomiller@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email