Cameco has signed a long-term agreement to supply uranium ore concentrate to the Government of India’s Department of Atomic Energy in a deal valued at approximately $2.6 billion. The Saskatoon-based uranium producer will deliver nearly 22 million pounds of uranium ore concentrate (U3O8) over a nine-year period on market-related price terms, with deliveries expected to begin in 2027 and continue through 2035.
India currently operates 24 nuclear reactors and has outlined plans to expand capacity to 100 gigawatts by 2047. The volumes under the new agreement were previously included in Cameco’s disclosed long-term contracting totals and factored into its five-year realized uranium price sensitivity analysis in the company’s 2025 annual Management’s Discussion and Analysis, released in February 2026.
Cameco CEO Tim Gitzel attended a signing event in Delhi alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney and Saskatchewan Premier Scott Moe, underscoring the diplomatic and commercial trade ties between the two countries. The agreement follows a previous five-year uranium supply contract between Cameco and India that began in 2015.
At the time of the announcement, the estimated contract value of $2.6 billion was based on a uranium price of US$86.95 per pound, reflecting the average of the month-end UxC and TradeTech uranium spot prices on February 28, 2026, and an exchange rate of USD1.00 to CAD1.36 as of February 27, 2026. Cameco noted that further contractual details remain commercially sensitive and confidential.
Cameco is one of the largest global providers of uranium fuel and holds controlling ownership of high-grade reserves and low-cost operations. The company also has ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Cameco’s shares trade on the Toronto and New York stock exchanges, and the company is headquartered in Saskatoon, Saskatchewan.
KEY QUOTES:
“Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada,” “India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn’t possible without a stable supply of uranium fuel. Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained. As a proven and reliable producer, Cameco is globally recognized as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again.”
Tim Gitzel, CEO Of Cameco Corporation
