MONTREAL, July 24, 2014 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) is pleased to announce that it has signed a formal memorandum of understanding (MOU) with the China National Nuclear Corporation (CNNC) to jointly develop and pursue power generation, mining and metallurgy and nuclear-related environmental protection projects.
The MOU signing took place today at the Westin Bayshore in Vancouver, British Columbia. The agreement was signed by Preston Swafford, Chief Nuclear Officer, SNC-Lavalin Group Inc. and President and CEO, Candu Energy Inc., and Qian Zhimin, President, CNNC. Also in attendance were representatives from the Chinese National Energy Administration and the Government of Canada.
Under the agreement, SNC-Lavalin will work with the CNNC to develop reactors using Advanced Fuel CANDU (AFCR) technology in China. Developed by SNC-Lavalin's wholly-owned subsidiary, Candu Energy, AFCR technology uses both recycled uranium- and thorium-based fuels to deliver high-performing reactors with strong environmental benefits. The MOU also provides a framework for collaboration between SNC-Lavalin and CNNC on uranium mining projects in China, and the pursuit of international project opportunities in various high-growth sectors and markets.
"We are pleased to sign this strategic partnership agreement with CNNC to develop nuclear and uranium projects in China, while pursuing high-potential opportunities abroad," said Preston Swafford. "These projects have the potential to generate billions of dollars for the Canadian and Chinese economies, while supporting China's growing demand for energy."
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure. From offices in over 40 countries, SNC-Lavalin's 30,000 employees provide EPC and EPCM services to clients in a variety of industry sectors, including mining andmetallurgy, oil and gas, environment andwater, infrastructure and clean power. SNC-Lavalin can also combine these services with its financing and operations & maintenance capabilities to provide complete end-to-end project solutions. www.snclavalin.com