[Uranium] Ressources, production et consommation mondiale

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Cameco Inks $1.9B Long-Term Uranium Supply Deal With India

Zacks Equity Research March 3, 2026

Cameco Corporation CCJ has strengthened its long-term growth visibility with a fresh supply agreement with India’s Department of Atomic Energy, underscoring its role as a key player in the global nuclear fuel supply chain. The contract involves the delivery of nearly 22 million pounds of uranium ore concentrate over a nine-year period beginning in 2027.

The deal is currently estimated at about CAD 2.6 billion ($1.9 billion) based on market-related pricing. This follows Cameco’s previous five-year uranium supply agreement to India that started in 2015.

India’s Nuclear Push Creates Demand For CCJ & Peers
India currently operates 24 nuclear reactors with a capacity of 7,943 MW and has six additional reactors under construction that are expected to add 4,768 MW. Historically constrained by trade restrictions and limited domestic uranium resources, the country has developed an indigenous nuclear program centered on a fuel cycle designed to leverage its large thorium reserves.

With a population of more than 1.4 billion and energy consumption projected to expand faster than any other major nation over the next decade, India is increasingly relying on nuclear power as a stable, low-carbon energy source.

The country has set a target of reaching 100 GW of nuclear capacity by 2047 as part of its energy security and decarbonization push. To support the major expansion of India’s nuclear fleet, legislative changes were made in December 2025 to open the nuclear sector to private investment and easing nuclear liability provisions that had previously constrained new build activity.

For Cameco, the agreement also reflects a global trend of sovereign buyers locking in uranium supplies from multiple sources amid tightening availability and surging demand. The company’s track record as a dependable producer continues to make it a preferred partner for utilities and governments seeking a secure fuel supply.

Notably, the volumes tied to the India contract are already factored into Cameco’s long-term contracting portfolio and price sensitivity outlook disclosed in its 2025 annual filings. Per the last update, Cameco had stated that it has executed agreements to sell about 230 million pounds of uranium to 39 customers globally. It also has 83 million kilograms of UF6 conversion services across 33 customers. The company’s diversified customer base spans utilities in 16 countries, reinforcing its status as a cornerstone supplier in the nuclear fuel market.

Cameco’s competitive strength is anchored in its ownership of some of the world’s largest high-grade uranium reserves and low-cost operations. Canada-based Cameco holds a 69.805% stake in McArthur River and 83.33% ownership in the Key Lake mill. McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. CCJ has 54.547% stake in Cigar Lake, which is the world’s highest-grade uranium mine. The company is also strategically positioned across the nuclear fuel cycle through investments in Westinghouse Electric Company and Global Laser Enrichment.

https://finance.yahoo.com/news/cameco-i ... 00613.html