Cameco will be supplying India with nearly $3 billion of uranium over the next 9 years.
The agreement was announced this morning as Saskatchewan Premier Scott Moe and Prime Minister Mark Carney are currently on a trade mission in India.
The new agreement says Cameco is expected to ship $2.6 billion worth of uranium to India over a nine-year term.
“The global demand for secure, carbon-free nuclear power is rising rapidly, and India is at the forefront with ambitious expansion plans for its civil nuclear energy program,” CEO of Cameco Tim Gitzel said in a media release about the agreement. “Cameco will play a pivotal role by providing Saskatchewan-mined uranium to help fuel the energy needs of India’s growing population and industries, as well as further solidify the vital trade relationship between our two countries.”
The agreement replaces a previous agreement from 2015, and this new agreement is said to be nearly 10 times the value of that previous agreement.
The majority of Cameco’s uranium production is found in northern Saskatchewan.