Cameco Secures New Long‑Term Uranium Supply Deal with India

Cameco to supply 22 million pounds of uranium to India – The contract covers delivery of nearly 22 million pounds of uranium ore concentrate (U3O8) to India’s Department of Atomic Energy between 2027 and 2035, priced on market‑related terms, and is valued at roughly CAD 2.6 billion (USD 1.9 billion) [1].

Agreement signed during Canadian PM Mark Carney’s India visit – The deal was finalized while Prime Minister Mark Carney was in Mumbai and New Delhi, where he met with Prime Minister Narendra Modi as part of the bilateral visit [1].

Cameco’s partnership with India dates back to a 2015 contract – The new arrangement builds on a previous five‑year supply contract that began in 2015, marking a continuation of the long‑standing trade relationship between the two countries [1].

CEO Tim Gitzel highlights India’s nuclear expansion needs – Gitzel said India is embarking on an ambitious nuclear expansion to meet development and energy security goals, requiring a stable uranium supply, and noted a trend of sovereign buyers securing large volumes from multiple suppliers [1].

India operates 24 reactors and targets 100 GW by 2047 – Current nuclear capacity consists of 24 operating reactors, and the government plans to add dozens more to achieve 100 GW of nuclear generation by 2047, underscoring growing fuel demand [1].

Kazakhstan’s Kazatomprom also pursuing a large uranium deal with India – Kazatomprom announced it seeks shareholder approval for a long‑term contract to sell uranium concentrate to India’s DAE, with the transaction representing at least half of its asset book value; pricing and delivery details remain confidential [1].