Cameco signs $2.6 billion uranium supply deal with India

Cameco Corporation (TSX: CCO; NYSE: CCJ) has entered a nine-year agreement to supply nearly 22 million pounds of uranium ore concentrate to India's Department of Atomic Energy. The contract, valued at approximately $2.6 billion, will support India's nuclear reactor fleet from 2027 through 2035.

The uranium will be delivered on market-related price terms to help fuel India's 24 operating nuclear reactors. India plans to expand its nuclear capacity to 100 gigawatts by 2047, requiring additional reactor deployments.

Cameco CEO Tim Gitzel attended a signing ceremony in Delhi alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe. The event highlighted diplomatic and commercial relationships between the countries.

"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," Gitzel said in a statement.

The contract value estimate is based on a uranium price of $86.95 per pound, calculated from the average of month-end UxC and TradeTech uranium spot prices on February 28, 2026, and an exchange rate of $1.00 USD to $1.36 CAD on February 27, 2026.

Cameco previously supplied uranium to India under a five-year contract that began in 2015. The company stated that volumes from the new contract were included in total long-term contracting volumes disclosed in its 2025 annual Management's Discussion and Analysis.

Deliveries are scheduled to align with Cameco's long-term contracting strategy. The Saskatoon-based company describes itself as one of the largest global uranium fuel providers, with operations supporting nuclear power generation worldwide.

You May Also Be Interested In

• Sky Quarry names Heidi Bowman as CFO
• Solana Company announces votes on first Solana governance proposals
• Walmart opens its 100th EV fast-charging site in Monument, CO