A panel of 22 experts in China has endorsed a Candu Energy nuclear reactor design that makes use of spent fuel from other reactors, paving the way for next generation plant development in a country some consider to be the world's most fertile market for an industry constantly buffeted by environmental concerns and political whims.
Although engineering hurdles alone put a construction start at least five years away, Vice President of Candu Energy Jerry Hopwood hailed the endorsement as a “big step toward our entry into the biggest nuclear market in the world.”
China has 21 nuclear power reactors. But it has more than that – 27 – under construction and others under consideration.
Specifically, the expert panel gave a “positive review” to the advanced fuel Candu reactor, known as the AFCR.
Further development will be handled by Candu and the China National Nuclear Corp. The Star reported Thursday that the two companies have yet to fully map out what work will be done in China and what will be done in Canada. Hopwood estimated the current value of the project at “several billions” of dollars.
Candu's predecessor Atomic Energy of Canada Ltd. designed two reactors now operating in Qinshan, China, which Candu has used to test the use of fuel previously used in pressurized water reactors.
Despite the good news, Montreal-based engineering conglomerate SNC-Lavalin — which includes Candu Energy — said Thursday that it would lay off 4,000 workers with 3,000 of the job cuts occurring outside of Canada.
Chief Executive Officer Robert Card said a global slowdown in mining called for layoffs concentrated in BRIC countries — Brazil, Russia, India and China, the Canadian Broadcasting Corporation reported.
SNC-Lavalin currently has 45,000 employees in 50 countries. The cuts are expected to save $200 million in operating expenses.
Quarterly results released Thursday showed SNC-Lavalin made $69 million in third-quarter profits, 45 cents a share, an improvement over the same period of 2013.