Cameco Secures Nine-Year, C$2.6 Billion Uranium Supply Contract with India

Cameco Corporation, a major global supplier of uranium fuel, formalized a significant, long-term supply agreement with the Government of India's Department of Atomic Energy in March 2026. The contract, cemented during a visit to New Delhi by Canadian Prime Minister Mark Carney, underscores a strategic energy security commitment for India, the world's fastest-growing major economy.

The agreement mandates the delivery of nearly 22 million pounds of uranium ore concentrate (U3O8) over a nine-year period, scheduled from 2027 through 2035. Valued at approximately $2.6 billion Canadian dollars, this commitment is equivalent to roughly $1.9 billion USD based on contemporary exchange rates and uranium pricing benchmarks near the announcement date. Cameco CEO Tim Gitzel stated that this volume directly supports India's objective to substantially increase its civil nuclear power capacity through a stable fuel source.

This supply commitment aligns with Cameco’s long-term contracting strategy, representing about 12% of the company’s annual uranium output. India is pursuing an ambitious nuclear expansion, targeting 100 gigawatts (GW) of installed capacity by 2047 as part of its 'Viksit Bharat' strategy to achieve developed nation status. Currently, India operates 24 nuclear reactors generating approximately 8.8 GW, with further deployment necessary to meet this goal and its Net Zero emissions target set for 2070.

The new pact replaces a preceding five-year contract initiated in 2015, with the current deal's value being nearly ten times greater than the initial agreement at the time of its announcement. This transaction is situated within a broader, newly established Strategic Energy Partnership between Canada and India, which also includes cooperation in hydrogen, renewables, and critical minerals. Canadian Prime Minister Carney, meeting with Indian Prime Minister Narendra Modi, positioned Canada as a reliable, long-term supplier, reinforcing the geopolitical dimension of the relationship.

The decision by a sovereign buyer like India to secure large volumes from established suppliers such as Saskatoon, Saskatchewan-headquartered Cameco highlights a structural tightening in global uranium markets characterized by escalating demand and constrained available supply. The deal utilizes market-related pricing terms, which allows for shared management of commodity price volatility between the supplier and the consuming nation. This bilateral energy cooperation is viewed as a strategic element for South Asian infrastructure development, enhancing India's supply autonomy while positioning Canada as a key supplier in the global clean energy transition.