Canada is close to concluding a long-term uranium export agreement with India worth an estimated US$2.8 billion. The proposed 10-year deal would see Cameco Corp supply uranium fuel as part of an expanding energy partnership between the two countries.
The negotiations align with renewed diplomatic engagement, including plans to reopen talks on a Comprehensive Economic Partnership Agreement (CEPA). Both nations are exploring ways to strengthen trade ties and boost collaboration in strategic sectors, including nuclear energy. While officials have not issued formal confirmations, the emerging deal signals a deepening alignment driven by energy security goals and geopolitical cooperation.
Uranium plays a central role in nuclear power generation because its isotopes—especially U-235—can sustain a controlled chain reaction that produces large amounts of heat. This heat is converted into steam, which drives turbines to generate electricity without producing greenhouse gases. For countries seeking reliable, low-carbon baseload power, uranium-fueled reactors remain a critical technology.
India has long viewed nuclear energy as a cornerstone of its clean-energy strategy. With rising electricity demand and climate commitments, the country aims to triple its nuclear capacity by 2032 and reduce dependence on coal. Reliable uranium supplies from global partners such as Canada are essential for powering India’s existing reactors and supporting the expansion of its nuclear fleet.