Cameco Corporation has entered into a long‑term uranium supply agreement with the Government of India’s Department of Atomic Energy that will deliver nearly 22 million pounds of uranium ore concentrate (U₃O₈) over a nine‑year period, beginning in 2027 and concluding in 2035. The contract is valued at roughly $2.6 billion, based on a price of US$86.95 per pound and the CAD‑USD exchange rate prevailing at the time of signing.
The agreement deepens Cameco’s footprint in India’s nuclear sector, which currently operates 24 reactors and is targeting 100 GW of capacity by 2047. By securing a large, multi‑year supply contract, Cameco strengthens its long‑term contracting book and reinforces its strategy of pairing upstream mining with downstream fuel services to capture higher margins.
CEO Tim Gitzel said, "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." He added that India’s ambitious nuclear expansion "is not possible without a stable supply of uranium fuel" and that sovereign buyers are locking up large volumes amid tightening supply and growing demand.
Cameco’s 2025 full‑year results, released on February 13 2026, showed net earnings attributable to equity holders of $590 million, up from $172 million in 2024. The jump was driven by higher realized uranium and fuel services prices and stronger performance from the Westinghouse segment, underscoring the company’s integrated business model and the positive impact of the new India contract on its financial trajectory.
The deal also reflects a broader global nuclear revival and a tightening uranium market, positioning Cameco as a leading supplier in a sector where supply constraints and sovereign demand are accelerating. The signing event in Delhi was attended by Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe, highlighting the diplomatic and commercial significance of the partnership.
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