Canada’s Cameco has signed a supply contract worth about C$2.6 billion with India’s Department of Atomic Energy. It provides for the delivery of nearly 22 million pounds of uranium concentrate (U3O8) over nine years, from 2027 to 2035, at market-related prices.
The agreement was formalized in New Delhi during Canadian Prime Minister Mark Carney’s visit, the first by a Canadian premier to India since 2018. Indian Prime Minister Narendra Modi, Saskatchewan Premier Scott Moe and Cameco CEO Tim Gitzel also attended the event. The contract falls under the new Canada-India Strategic Energy Partnership. Cameco said the other terms remain confidential for commercial reasons.
The estimated value is based on a spot price of US$86.95 per pound recorded at the end of February 2026. The volumes were already included in the long-term contracts the company disclosed in its annual report in February. The deal follows the first contract in 2015, which covered just over 7 million pounds over five years. According to Saskatchewan officials, the new agreement is worth almost ten times the previous one.
The backdrop is the growth of India’s nuclear fleet. The country currently has about 24 or 25 reactors in operation, with another 18 under development totaling more than 12,000 MWe, and is aiming for 100 GW of nuclear capacity by 2047. That requires stable, long-term fuel supplies. Canadian minister Maninder Sidhu spoke of a twelvefold increase in Indian capacity, for which Canada can offer uranium and technology.
Regulatory changes in New Delhi also play a role. India has ended the state monopoly on atomic power generation and revised its civil liability rules to attract private investors. The more open regulatory framework makes expansion plans, and by extension multi-year procurement contracts, more credible.
The contract comes as Canada and India work toward a comprehensive economic partnership agreement (CEPA). The next negotiating round is scheduled for November, and Ottawa aims to conclude the deal by the end of the year. Following the resumption of diplomatic dialogue, uranium has become the first concrete result for both sides.
For Cameco, the contract extends revenue visibility through 2035. If India sticks to its schedule for new reactors, other state buyers could follow the same path: locking in supplies for a decade now, in a market where demand is growing faster than supply.
