Canadian uranium major Cameco has signed a C$2.6-billion long-term supply agreement with India’s Department of Atomic Energy, committing to deliver nearly 22-million pounds of uranium ore concentrate over nine years as part of a broader strategic reset in Canada–India relations.

The agreement was formalised in New Delhi during Canadian Prime Minister Mark Carney’s bilateral visit to India – the first by a Canadian Prime Minister since 2018 – and forms part of a newly announced Canada–India Strategic Energy Partnership.

Under the contract, Cameco will supply uranium oxide to fuel India’s expanding fleet of nuclear reactors from 2027 through 2035 on market-related pricing terms. Based on prevailing uranium prices at the end of February, the contract is valued at about C$2.6-billion.

India currently operates 24 nuclear reactors and has set a target of reaching 100 GW of nuclear capacity by 2047, requiring significant long-term fuel supply. The new agreement follows a previous five-year uranium supply contract between Cameco and India that began in 2015.

Cameco president and CEO Tim Gitzel attended a signing event alongside Indian Prime Minister Narendra Modi, 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.”

He added that the deal reflected a broader trend of sovereign buyers securing long-term supply in a tightening uranium market. “Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained.”

BILATERAL RESET
At the core of the renewed bilateral relationship between Canada and India is a Strategic Energy Partnership spanning liquefied natural gas, liquified petroleum gas, uranium, solar and hydrogen.

In addition to the Cameco contract, the two governments welcomed memoranda of understanding aimed at intensifying cooperation on critical minerals and broader energy supply chains, as well as strengthened collaboration on clean energy initiatives in solar, wind, biofuels and hydropower.

Carney and Modi also confirmed that Canada and India intend to conclude a new Comprehensive Economic Partnership Agreement this year, targeting a doubling of two-way trade to $70-billion by 2030.

The visit included more than ten commercial agreements valued at over $5.5-billion, spanning energy, technology and manufacturing, and was accompanied by a high-level Canadian delegation that included Cabinet members, Parliamentarians and senior pension fund executives.

In a statement, Carney said India’s rapid economic expansion and surging energy demand created significant opportunity for Canada as an energy and critical minerals supplier.

“India is the fastest-growing major economy and a powerhouse of global commerce and technology. In a rapidly changing world, Canada and India are transforming their economies to be more diversified, more independent, and more resilient. Our strategic partnership, and the speed at which we are working to unleash its potential in energy, talent, and AI, is the result of two confident, ambitious nations who want to build the future, together.”