Cameco Secures $1.9B Deal to Supply India 22M lb Uranium Over Nine Years
Cameco will supply nearly 22 million lb of uranium ore concentrate to India over nine years, in a $1.9 billion agreement priced at $86.95 per lb. The volumes account for roughly 12% of its annual output and represent a significant expansion beyond its prior five-year contract with India.
1. Agreement Details
Cameco will deliver nearly 22 million pounds of uranium ore concentrate to India from 2027 through 2035 under a $1.9 billion contract priced at $86.95 per pound.
2. Share of Production
The committed volume represents approximately 12% of Cameco’s annual uranium output, marking a major increase in its long-term term contracting activity.
3. Comparison to Prior Supply
This nine-year arrangement surpasses Cameco’s previous five-year India contract that ran from 2015 to 2020, both in duration and scale.
4. Market Implications
The deal supports India’s nuclear expansion plans and contributes to tighter uranium supply dynamics as sovereign buyers secure multi-year commitments amid rising spot prices.