India secures long-term uranium supply from Cameco in $2.6 billion nuclear fuel agreement

Cameco has signed a nine-year agreement to supply nearly 22 million pounds of uranium ore concentrate to India’s Department of Atomic Energy, with deliveries starting in 2027. The deal supports India’s expanding nuclear power program and reflects rising global competition for long-term uranium supply contracts.

Canada-based uranium producer Cameco has finalized a long-term supply contract with the Government of India’s Department of Atomic Energy to deliver uranium ore concentrate for the country’s nuclear power program. According to official disclosures, the agreement covers nearly 22 million pounds of U3O8 over a nine-year period beginning in 2027 and extending through 2035.

The contract’s estimated value is approximately $2.6 billion based on prevailing uranium market pricing at the time of signing. The arrangement supports India’s strategy to expand nuclear power generation as part of its long-term energy security and decarbonization objectives. The country currently operates 24 nuclear reactors and plans significant capacity additions to reach around 100 gigawatts of nuclear power by 2047. Securing reliable fuel supply agreements is a critical requirement for sustaining reactor operations and supporting future expansion.

Cameco is one of the world’s largest publicly traded uranium suppliers and operates major mining and fuel services assets in Canada and Kazakhstan. The company plays a central role in global nuclear fuel markets, supplying utilities and government nuclear programs across multiple regions. The agreement reflects a broader industry trend in which governments and utilities are seeking multi-year procurement contracts amid tightening uranium supply and growing demand linked to renewed interest in nuclear power. Long-term fuel arrangements can reduce price volatility exposure and provide greater certainty for reactor operators.

For energy markets and investors, the deal highlights strengthening trade ties between Canada and India in the strategic minerals sector while underscoring the increasing importance of secure nuclear fuel supply chains as countries pursue low-carbon baseload electricity generation.