Canadian uranium producer Cameco Corp. has signed a long-term supply agreement worth approximately C$2.6 billion ($1.9 billion) with India’s Department of Atomic Energy. The deal was announced and celebrated during Canadian Prime Minister Mark Carney’s first official visit to India, where he met Prime Minister Narendra Modi in New Delhi.
Under the agreement, Cameco will deliver nearly 22 million pounds (about 10,000 metric tonnes) of uranium ore concentrate (U3O8) to India between 2027 and 2035. The supply will support India’s expanding fleet of nuclear reactors and help meet the country’s growing demand for clean, reliable baseload power as it pursues ambitious nuclear energy targets.
The contract was signed by Cameco CEO Tim Gitzel at an event attended by Prime Ministers Carney and Modi, along with Saskatchewan Premier Scott Moe. It marks a significant reset in Canada-India nuclear fuel trade, which had paused after an earlier five-year arrangement ended around 2020. This new nine-year deal is nearly ten times larger in value than the previous one and reflects renewed diplomatic and commercial ties.
The agreement forms part of a broader strategic energy partnership between the two nations. Canada and India also committed to cooperation on small modular reactors, advanced nuclear technologies, liquefied natural gas, critical minerals, solar, and hydrogen. Both leaders expressed optimism about concluding a comprehensive economic partnership agreement by the end of the year.
Cameco described the deal as aligning with its long-term contracting strategy and providing stable demand for its Saskatchewan operations, including mines like Cigar Lake and McArthur River/Key Lake. The company highlighted India’s rapid nuclear expansion and opening of the sector to private investment as a major growth opportunity.
This development strengthens bilateral energy security and supports India’s goal of increasing nuclear capacity while advancing global clean energy goals. It also signals improved relations between Ottawa and New Delhi after periods of diplomatic challenges.
