Canada and India Sign Landmark $2.6 Billion Uranium Supply Deal
Canada and India have sealed a major long-term uranium supply agreement valued at approximately CAD $2.6 billion (about USD $1.9 billion), marking a significant step in resetting bilateral relations and advancing clean energy cooperation.
The deal, announced today during Canadian Prime Minister Mark Carney’s visit to New Delhi, sees Canadian uranium giant Cameco Corporation commit to supplying nearly 22 million pounds (around 10,000 tonnes) of uranium ore concentrate (U₃O₈) to India’s Department of Atomic Energy. Deliveries are set to begin in 2027 and continue through 2035, under market-related pricing terms.
The agreement supports India’s ambitious nuclear expansion, with plans to grow its nuclear power capacity from current levels toward 100 GW by 2047 as part of its push for reliable, low-carbon baseload energy.
Prime Minister Narendra Modi described the pact as a “landmark deal for the long-term supply of uranium” in civil nuclear energy, while Carney highlighted it as a foundation for a new Strategic Energy Partnership encompassing uranium, liquefied natural gas (LNG), critical minerals, solar, hydrogen, and joint work on small modular reactors (SMRs) and advanced nuclear technologies.
The uranium contract forms part of a wider package of agreements signed during the leaders’ talks, including five memorandums of understanding (MoUs) on energy, critical minerals supply chains, technology, AI, talent mobility, culture, and defence. The total value of announced commercial initiatives is estimated at around CAD $5.5 billion.
Both sides expressed optimism about accelerating negotiations on a Comprehensive Economic Partnership Agreement (CEPA), with a target to conclude it by the end of 2026 and boost bilateral trade to $50 billion in the coming years.
Canada has also joined India’s International Solar Alliance and Global Biofuel Alliance, with plans for a bilateral renewable energy and storage summit this year.
The developments come after years of strained ties, including diplomatic tensions following 2023 allegations of foreign interference. Today’s announcements signal a deliberate shift toward economic and strategic collaboration in clean energy, resources, and technology.
Cameco CEO Tim Gitzel attended the signing ceremony alongside the two prime ministers and Saskatchewan Premier Scott Moe, underscoring the deal’s importance for Canada’s uranium-rich province.
