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M&A / Property

Cameco signs $2.6B India uranium deal

By The Northwire Desk — AI Analysis Mar 02, 2026 · 12:32 CCO · 161.38 Cameco Corporation
CCO · Price

Executive Summary

  • Cameco Corp. signed a long-term agreement to supply nearly 22 million pounds of uranium ore concentrate (U3O8) to the Government of India's Department of Atomic Energy.
  • The contract spans nine years, with deliveries scheduled to begin in 2027 and continue through 2035.
  • The total contract value is estimated at approximately $2.6 billion, based on a uranium price of $86.95 USD per pound.

Key Details

  • Counterparty: Government of India's Department of Atomic Energy.
  • Product: Uranium ore concentrate (U3O8).
  • Volume: Nearly 22 million pounds.
  • Duration: Nine-year period (deliveries from 2027 to 2035).
  • Total Value: Approximately $2.6 billion.
  • Pricing Basis: Market-related price terms.
  • Valuation Assumptions:
    • Uranium Price: $86.95 USD per pound (average of month-end UxC and TradeTech spot prices on Feb. 28, 2026).
    • Exchange Rate: $1.00 USD / $1.36 CAD (as of Feb. 27, 2026).
  • Strategic Context:
    • India currently operates 24 nuclear reactors with plans to reach 100 gigawatts by 2047.
    • The volumes were already included in Cameco's total long-term contracting volumes and expected five-year realized uranium price sensitivity analysis disclosed in the 2025 annual management's discussion and analysis (February 2026).
    • Cameco previously supplied India under a five-year contract starting in 2015.
  • Event Details: Agreement celebrated in Delhi with attendance by Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe.

Notable Quotes

  • "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," said Mr. Gitzel.
  • "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."
Read the original news release →

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