Cameco Secures $2.6B Supply Deal for 22M Pounds Uranium to India
Cameco Corporation signed a nine-year deal supplying 22 million pounds of uranium concentrate to India's Department of Energy for deliveries from 2027 through 2035. The agreement carries an estimated value of $2.6 billion at $86.95 per pound and supports India’s target of reaching 100 GW of nuclear capacity by 2047.
1. Contract Details
Cameco has agreed to deliver nearly 22 million pounds of uranium concentrate to India’s Department of Energy over a nine-year period running from 2027 to 2035. This long-term supply contract underscores India’s strategy to secure reliable nuclear fuel for its expanding fleet of reactors.
2. Financial Impact
The deal is valued at approximately $2.6 billion based on a price of $86.95 per pound of uranium concentrate. This contract will contribute to Cameco’s revenue visibility and help stabilize cash flows over the next decade.
3. Strategic Context
India currently operates 24 nuclear reactors and aims to reach 100 GW of nuclear capacity by 2047, positioning itself as a major growth market for uranium suppliers. Cameco’s role as a key strategic partner strengthens its global footprint and aligns with sovereign buyers seeking secure fuel commitments.