Cameco to supply $2.6 billion in Uranium to India through 2035
By Brian Zinchuk
Cameco announced on March 2 it has entered a long-term agreement to supply uranium ore concentrate (U3O8) to the Government of India’s Department of Atomic Energy, for use in the country’s fleet of nuclear reactors. The agreement will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period on market-related price terms, with a total contract value estimated at approximately $2.6 billion.
From left: Cameco CEO Tim Gitzel, Prime Minister Mark Carney, Premier Scott Moe, unknown, India Prime Minister Nrendra Modi. X/@PremierScottMoe
India currently has 24 operating reactors along with ambitious plans to deploy dozens more to reach 100 GW by 2047. The bulk of its early nuclear reactor fleet is based on the Canadian-designed CANDU reactor, as its first reactors were actual CANDUs. However, India’s development of a nuclear weapons program in the 1970s, using those CANDU reactors as part of it, resulted in a cooling of relations between the two nations on the nuclear power from for many years. India continued to build reactors based on the CANDU design, but without support from Atomic Energy of Canada Ltd, the reactor’s designer.
Monday’s announcement shows just how far nuclear power relations have improved between Canada and India since then.
Deliveries under the contract are expected to begin in 2027 and run through 2035 in alignment with Cameco’s long-term contracting strategy, Cameco said in a release. The volumes under this contract were included in the total long-term contracting volumes and in the expected five-year realized uranium price sensitivity analysis, disclosed in Cameco’s 2025 annual Management’s Discussion and Analysis in February 2026.
Cameco’s CEO Tim Gitzel attended an event in Delhi on March 2 to celebrate the agreement alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney and Saskatchewan Premier Scott Moe, highlighting the strong diplomatic and commercial trade relationships between the countries, the company said.
“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,” said Gitzel. “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. 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. As a proven and reliable producer, Cameco is globally recognized as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again.”
“The global demand for secure, carbon-free nuclear power is rising rapidly, and India is at the forefront with ambitious expansion plans for its civil nuclear energy program,” Gitzel said. “Cameco will play a pivotal role by providing Saskatchewan-mined uranium to help fuel the energy needs of India’s growing population and industries, as well as further solidify the vital trade relationship between our two countries. We are thankful for the continued advocacy of the Saskatchewan and Canadian governments to foster international trade opportunities that allow us to meet the needs of global customers and bring the benefits home.”
“We understand Saskatchewan’s potential to supply the world with the fuel it needs to power the economies of tomorrow and it’s great to see India value the energy security we can provide,” Moe said. “This agreement is thanks in no small part to Cameco for their dedication to our uranium industry, and the governments of Saskatchewan, Canada and India for their priority on a productive and mutually beneficial relationship. Today marks a great day for this longstanding partnership and holds a lot of promise for a bright future together.”
Cameco previously supplied uranium to India under a five-year contract that began in 2015.
At the time of this news release, the estimated value of the new contract is approximately $2.6 billion based on a uranium price of US$86.95 per pound, which was the average of the month-end UxC and TradeTech uranium spot prices on February 28, 2026, and the exchange rate on February 27, 2026 of USD1.00/CAD1.36. Further details of the newly signed contract are commercially sensitive and confidential.