Canada’s leading uranium company Cameco Corporation has signed a long-term uranium supply agreement worth US$1.9 billion with the Department of Atomic Energy of India. This major agreement was announced on Monday (March 2) in New Delhi during the first official visit of Canadian Prime Minister Mark Carney to India.
This agreement has been signed between India’s Department of Atomic Energy and Cameco, under which the company will supply approximately 22 million pounds (about 11,000 tons) of uranium ore concentrate from 2027 to 2035. The supply will be made on market-based price terms and will support India’s rapidly expanding nuclear reactor fleet.
The agreement was formalized in the presence of Prime Minister Narendra Modi and Prime Minister Mark Carney. This is being seen as a new beginning in Canada-India relations, especially at a time when diplomatic tensions had emerged between the two countries during the previous Justin Trudeau government.
This agreement is in line with India’s strategy, under which the country is aiming to triple its nuclear energy capacity by the year 2030. Nuclear energy is being considered an important option to meet the increasing energy demand and achieve clean energy goals. Additionally, India is also taking steps towards diversifying its uranium sources amid changes in global supply chains.
This agreement will ensure long-term revenue stability for Cameco. The company is headquartered in Saskatoon, Saskatchewan and is considered the world’s largest publicly listed uranium company. Canada is among the leading countries in uranium production globally and contributes about 13-15 per cent of the total production.
The Government of Canada, under the leadership of Prime Minister Carney, has also expressed desire to increase cooperation in critical minerals, renewable energy, liquefied natural gas, hydrogen and defense sectors. Apart from this, a target has also been set to finalize the Comprehensive Economic Partnership Agreement by the end of the year and double the bilateral trade to $50-70 billion by 2030.
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