Cameco Corp. sealed a C$2.6 billion ($1.9 billion) uranium supply deal with India on Monday, a landmark agreement during Prime Minister Narendra Modi's first visit to Canada. The contract, covering 22 million pounds (11,000 tons) of reactor fuel from 2027 to 2035, reflects a significant thaw in relations strained by allegations of state-sponsored violence against Canadians. The deal directly addresses India's urgent need for uranium to fuel its ambitious nuclear expansion plan, aiming to boost capacity to 100 gigawatts by 2047 – a near 11-fold increase requiring substantial new imports. This agreement, coming just two months after India ended its uranium mining monopoly and relaxed liability rules, signals a major shift towards attracting foreign investment in its nuclear sector.

Cameco, based in Saskatchewan, stands to benefit significantly from this long-term supply contract, which also follows a previous expired deal from 2015. The $1.9 billion figure underscores the immense scale of this energy partnership, crucial for India's decarbonization goals and Canada's uranium exports. The deal also coincides with broader efforts to deepen economic ties, including finalizing a new Comprehensive Economic Partnership Agreement aimed at doubling bilateral trade by 2030.