HISTORY
Nufcor International was incorporated as a company in the United
Kingdom in 1999 as a joint-venture between AngloGold Ashanti
Limited and FirstRand Limited that brought together expertise
from the world’s longest continuous uranium producer and
marketer, with that of an established financial and risk management
institution. In 2008, Nufcor International was acquired by Constellation
Energy Commodities Group, a wholly owned subsidiary of NYSE-listed
Constellation Energy Group. Constellation Energy is an energy
company active in the energy generation, transmission, distribution
and wholesale power trading businesses of the energy sector.
Constellation is North America’s number one supplier of
electricity and wholesale power and a leading supplier of natural
gas in competitive markets. Constellation Energy Commodities
Group brings significant financial strength, well-established
global energy relationships, and leading commodity position
and risk management products to the Nufcor business.
Nufcor International’s former sister company, Nuclear
Fuels Corporation of South Africa Limited (“Nufcor SA”),
is wholly owned by AngloGold Ashanti and was established in
1967 in Johannesburg to process and market uranium concentrates
to nuclear power generators around the world. Nufcor International
is currently the sole marketing agent for substantially all
uranium produced in the Republic of South Africa including
all production from Nufcor SA.
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CORPORATE STRATEGY
We bring our proven finance skills and risk management capabilities
to the global nuclear fuels market. Our goal is:
“to be at the forefront of the liberalizing nuclear
fuel market through provision of innovative financial and trading
solutions”
We will achieve this goal by:
- Maintaining a unique focus on clients across the nuclear
fuels industry to add value in trading, finance and risk
management activities;
- Providing outstanding service and long term client commitment;
and
- Providing bespoke products tailored to the needs of individual
clients.
OPERATIONS
Through our agency and marketing agreement with AngloGold Ashanti,
Nufcor International has access to extensive reserves of uranium
concentrates (“U3O8”) from the Republic of South Africa.
Nufcor SA has recently celebrated its 50th year of continuous
uranium production. Although production levels have declined
since its peak in the early 1980’s, Nufcor SA continues
to produce approximately 700 metric tons of U3O8 per year with
potential for substantial growth in these volumes.
Worldwide annual demand for U3O8 was approximately 77,000 metric
tonnes in 2007. This level of demand is likely to grow over
the next 15-20 years as nuclear energy gains prominence as a
realistic and sustainable substitute to fossil fuel energy sources.
The overall value of the commercial U3O8 market is of the order
of US$ 10 billion per year.
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