Saskatoon based Cameco has entered a long-term agreement to supply uranium ore concentrate (U3O8) 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 approximately $2.6 billion.

Speaking to reporters at a joint news conference in India today Prime Minister Mark Carney said, “Canada’s resource base of world leading companies positions it as a strategic partner. As one example, the nuclear agreement, the uranium agreement signed today. As another the fact that 40 per cent, four-zero per cent, of the world’s mining companies are listed in Canada.”

In addition to several Memorandums of Understanding which were signed between India and Canada as well as multi-million-dollar deals, India and Canada have made a commitment, by the end of this year, to sign a free trade agreement.

In a news release from the Saskatchewan government today, Premier Scott Moe said, “We understand Saskatchewan’s potential to supply the world with the fuel it needs to power the economies of tomorrow and it’s great to see India value the energy security we can provide.