Canada's Cameco secures $1.9-billion uranium supply deal with India

Canada’s Cameco signs $1.9-billion uranium supply deal with India

SASKATOON, March 2, 2026 – Canada’s Cameco has signed a nine-year agreement to supply nearly 22 million pounds of uranium ore concentrate to support India’s growing nuclear energy programme in a deal valued at approximately USD 1.9 billion, the company said on Monday.

The contract, agreed with India’s Department of Atomic Energy, will see deliveries begin in 2027 and continue through 2035 under market-related pricing terms. The estimated value is based on a uranium price of USD 86.95 per pound and an exchange rate of USD1.00/CAD1.36 at the end of February 2026.

India operates 24 nuclear reactors and aims to expand capacity to 100 GW by 2047 as part of its long-term energy security and low-carbon power strategy. The new agreement follows a previous five-year supply contract that began in 2015, reinforcing civil nuclear co-operation between the two countries.

“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,” Cameco CEO Tim Gitzel said. He added that India’s expansion reflects a broader trend of sovereign buyers securing long-term uranium supply amid growing demand and increasingly constrained global availability.

Headquartered in Saskatoon, Canada, Cameco is one of the world’s largest uranium fuel providers, with controlling ownership of high-grade reserves and low-cost operations, alongside investments across the nuclear fuel cycle including stakes in Westinghouse Electric Company and Global Laser Enrichment. The company supplies utilities worldwide and is listed on the Toronto and New York stock exchanges.

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