Canada’s Cameco Corp. has signed a major long-term uranium supply agreement with India’s Department of Atomic Energy, valued at $1.9 billion (2.6 billion Canadian Dollars).
The deal between India and Cameco was announced on March 2, 2026, during Canadian Prime Minister Mark Carney’s first official visit to New Delhi. The deal commits Cameco to deliver nearly 22 million pounds (about 11,000 tons) of uranium ore concentrate from 2027 through 2035. Cameco’s Deliveries will support India’s expanding nuclear reactor fleet on market-related pricing terms.
The agreement, formalised in the presence of Prime Ministers Narendra Modi and Mark Carney today, forms the central pillar of renewed Canada-India ties following years of diplomatic strains under the Trudeau government’s anti-India policies.
Delhi: At the India-Canada CEOs Forum, Prime Minister Narendra Modi says, “But our real strength lies in our ambitions. To take these shared ambitions forward, I would like to make a few suggestions to you. First, clean energy, this is a priority for both countries. Today, we… pic.twitter.com/FmaTIid0kg
— IANS (@ians_india) March 2, 2026
The uranium deal aligns with India’s push to triple nuclear capacity by 2030 to meet surging energy demand and advance clean energy goals. It is also aimed at diversifying India’s Uranium sourcing amid global shifts. For Cameco, the deal provides long-term revenue stability.
Under Carney, the Canadian government has indicated that they are willing to discuss cooperation on critical minerals, renewables, liquefied natural gas, hydrogen, and defense. Canada also intends to conclude a comprehensive economic partnership agreement by year-end and double trade to $50-70 billion by 2030.
Notably, Cameco Corporation is the world’s largest publicly traded uranium company, headquartered in Saskatoon, Saskatchewan, Canada. Canada is the world’s largest uranium producer, accounting for 13-15% of global output.
