Cameco to supply uranium ore concentrate to India in $1.9bn worth deal

Canada and India agreed to broaden cooperation in areas such as LNG, critical minerals, solar power, and hydrogen. Credit: Zafer Kurt/Shutterstock.com. Canadian uranium supplier Cameco has secured a long-term contract valued at approximately C$2.6bn ($1.9bn) to supply uranium ore concentrate to India’s Department of Atomic Energy.

The Canadian firm will deliver nearly 22 million pounds of uranium from 2027 to 2035.

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The uranium will be used to support operations in India’s nuclear reactor fleet.

Cameco and Indian officials announced the deal during an event in Delhi, attended by Cameco chief executive Tim Gitzel, Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe.

“Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada,” Gitzel said. “India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn’t possible without a stable supply of uranium fuel.”

India currently operates 24 nuclear reactors and aims to expand its nuclear power capacity to 100 gigawatts (GW) by 2047.

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The new supply contract aligns with the country’s efforts to increase energy generation from nuclear sources.

Under the terms of the agreement, Cameco will supply uranium at market-related prices over the nine-year period.

This arrangement follows a previous five-year supply deal between Cameco and India that began in 2015.

In addition to uranium supply, Canada and India agreed to broaden cooperation in areas such as liquefied natural gas, critical minerals, solar power, and hydrogen during Prime Minister Carney’s official visit.

The two countries reached this new agreement following recent changes in India’s atomic energy regulation framework, including ending a state monopoly on atomic power generation and adjusting liability rules aimed at attracting private investment.