Uranium Alliance: India and Canada Forge Landmark 10-Year Agreement for Clean Energy

India is poised to sign a 10-year uranium supply agreement with Canada, marking a transformative chapter in energy and bilateral relations. Valued at $2.8 billion, the deal will see Canadian mining giant Cameco Corp deliver uranium oxide to power India’s growing number of nuclear reactors. The pact follows high-level meetings between Prime Ministers Narendra Modi and Mark Carney, where broader nuclear cooperation and new trade ambitions were discussed.

 

This agreement comes as India aims to scale up its nuclear power infrastructure, currently operating 24 reactors and building several more. The uranium deal will ensure stable fuel supply for India’s diverse nuclear energy program, supporting clean electricity production and the country’s decarbonization goals. It also signals a notable thaw in Canada-India collaboration after recent diplomatic tensions and complements plans for a Comprehensive Economic Partnership Agreement to double trade by 2030.

 

Industry analysts consider this supply volume “very material”—3.3 million pounds annually, amounting to about 10% of Cameco’s yearly sales. If concluded, the arrangement strengthens India’s energy security, boosts Canadian uranium exports, and forges deeper strategic ties in the nuclear sector.

 

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Sources: Reuters, IBEF, Economic Times, Free Press Journal, Business Standard, Canadian Mining Journal​