Canada is close to finalizing a major agreement to export $2.8 billion worth of uranium to India over the next 10 years, according to government and industry sources cited by Canadian media. The deal would be executed through Cameco Corp, one of Canada’s largest mining companies and a global leader in uranium production.
The agreement would supply India with significant quantities of uranium for its expanding network of nuclear power plants.
India, one of the world’s fastest-growing energy consumers, is investing heavily in nuclear energy to reduce emissions and meet rising electricity demand.
The negotiations mark a renewed effort to strengthen Canada-India relations after months of diplomatic tension.
Economic Impact:
A substantial boost to Canada’s mining and energy sectors.
Increased export revenue at a time when the Canadian economy is grappling with productivity challenges.
Political Impact:
Helps rebuild diplomatic ties with India.
Reinforces Canada’s position as a reliable global supplier of nuclear-grade uranium.
Energy Security: Ensures a stable supply of uranium for its growing nuclear infrastructure.
Clean Energy Goals: Supports India’s strategy to shift toward low-emission energy sources.
Import Diversification: Reduces reliance on a limited number of uranium-exporting nations.
