Cameco (NYSE:CCJ) has entered into a long-term agreement to supply uranium ore concentrate to the Government of India’s Department of Atomic Energy, for use in the country’s fleet of nuclear reactors.
The agreement will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period on market-related price terms, with a total contract value estimated at US$2.6 billion.
Deliveries under the contract are expected to begin in 2027 and run through 2035 in alignment with Cameco’s long-term contracting strategy. The volumes under this contract were included in the total long-term contracting volumes and in the expected five-year realised uranium price sensitivity analysis, disclosed in the 2025 annual management’s discussion and analysis in February 2026.
CEO Tim Gitzel says India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people.
“That isn’t possible without a stable supply of uranium fuel,” Gitzel says.
“Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained.
“As a proven and reliable producer, Cameco is globally recognised as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again.”
India currently has 24 operating reactors along with ambitious plans to deploy dozens more to reach 100 gigawatts by 2047.
According to the International Energy Agency (IEA), global investment in nuclear energy increases from around US$65 billion per year as of 2026 and US$70 million by 2030. These figures put global nuclear capacity on track to rise by more than 50% to nearly 650 gigawatts by 2050.
The outlook for nuclear energy and investment differs markedly across regions and countries. The IEA reports in advanced economies, nuclear capacity rises as a result of new plants and lifetime extensions at existing ones.
China accounts for half of all capacity expansion by 2050 and the size of China’s nuclear fleet overtakes that of the US by 2030 to become the largest in the world.
Cameco is a global provider of uranium fuel needed to power a secure energy future. The company’s position is based on its controlling ownership of the world’s largest high-grade reserves and low-cost operations.
Write to Aaliyah Rogan at Mining.com.au
Images: Cameco
