Cameco has signed a long-term supply agreement with India’s Department of Atomic Energy, valued at approximately CAD 2.6 billion (USD 1.9 billion). The deal covers the delivery of nearly 22 million pounds of uranium ore concentrate (U3O8) between 2027 and 2035, at market-indexed prices.
The signing took place in New Delhi during Canadian Prime Minister Mark Carney‘s first official visit to India. In attendance were Indian Prime Minister Narendra Modi, Cameco CEO Tim Gitzel, and Saskatchewan Premier Scott Moe. Both Modi and Carney welcomed the agreement in a joint statement, describing it as a concrete contribution to India’s clean energy transition and long-term energy security. The contract’s value was calculated based on a uranium spot price of USD 86.95 per pound recorded at the end of February 2026.
For India, the deal fits into a nuclear expansion strategy of considerable scale. The country currently operates 24 reactors and is targeting an installed capacity of 100 GW by 2047, with plans to build dozens of new plants. To support this trajectory, the government in New Delhi has recently overhauled the regulatory framework governing the atomic sector: it has ended the state monopoly on nuclear power generation and amended civil liability rules to attract private investment. Without a stable fuel supply, that target remains out of reach.
For Cameco, the contract strengthens a commercial relationship that began in 2015 with an initial five-year agreement. The Saskatoon, Saskatchewan-based company is among the world’s leading uranium producers and holds significant stakes across the entire nuclear fuel chain, including shares in Westinghouse Electric Company and Global Laser Enrichment. The volumes covered by this agreement had already been factored into the medium-term sales projections Cameco communicated in February 2026. The company’s long-term contracting strategy is explicitly designed to secure stable revenue streams in a market where demand is growing and available supply is becoming increasingly uncertain.
The broader market context matters. The trend of major sovereign buyers locking in large uranium volumes over multi-year horizons is intensifying, as more countries race to secure supply before pressure on global availability becomes more acute. India is not an isolated case: it is a signal of how nations with ambitious nuclear programmes are concluding procurement agreements well in advance. If New Delhi maintains its planned pace of new reactor construction, the country’s uranium demand will grow steadily over the next two decades — making deals like this one the norm rather than the exception.
