Canadian uranium giant Cameco signs $2.6B supply deal with India

By Merve Aydogan

HAMILTON, Canada (AA) - Canadian uranium producer Cameco Corporation has signed a long-term agreement worth an estimated C$2.6 billion ($1.9 billion) to supply uranium ore concentrate to India's Department of Atomic Energy, strengthening energy ties between Ottawa and New Delhi, according to a statement Monday.

"The agreement will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period," the company said in a statement.

The statement noted that deliveries under the contract are expected to begin in 2027 and continue through 2035 on market-related price terms.

India currently operates 24 nuclear reactors and has plans to expand its nuclear capacity by 2047 as part of efforts to meet rising energy demand and advance clean energy goals.

"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," said Cameco CEO Tim Gitzel in the statement.

Gitzel attended an event in New Delhi marking the agreement alongside Canadian Prime Minister Mark Carney, Indian Prime Minister Narendra Modi and Saskatchewan Premier Scott Moe.

In a joint statement, Modi and Carney also welcomed the conclusion of the C$2.6 billion commercial agreement, saying it would contribute to India's civil nuclear energy generation, clean energy transition objectives and long-term energy security.

The leaders also highlighted broader cooperation in energy trade, including liquefied natural gas, liquefied petroleum gas, crude oil, refined petroleum products and potash, as they reaffirmed support for expanding bilateral energy partnerships.

Cameco previously supplied uranium ore concentrate to India under a five-year contract that began in 2015, according to the company's website.