A worker drives a forklift at Cameco’s uranium milling operation in Key Lake, Saskatchewan. (Image Credit: submitted photo/Cameco)

By CKOM News Staff

Trade deals

Saskatchewan-based Cameco to supply $2.6B in uranium to India under energy deal

Mar 2, 2026 | 9:45 AM

A Saskatchewan company is set to sell billions of dollars in uranium to India through a new energy deal signed on Monday.

Saskatchewan Premier Scott Moe witnessed the signing of the agreement between Cameco and the Indian Department of Atomic Energy on Monday, alongside Prime Minister Mark Carney and Indian Prime Minister Narendra Modi. Moe joined the prime minister’s week-long trade mission to India in an effort to advance trade around uranium, as well as potash and agricultural products.

According to the Government of Saskatchewan, the deal will see Cameco ship $2.6 billion in uranium to India over a nine-year period. The agreement will replace a five-year deal signed in 2015, though the province noted that the current agreement is nearly 10 times the value of the previous one.

“We understand Saskatchewan’s potential to supply the world with the fuel it needs to power the economies of tomorrow and it’s great to see India value the energy security we can provide,” Moe said in a statement.

“Today marks a great day for this longstanding partnership and holds a lot of promise for a bright future together.”

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Tim Gitzel, Cameco’s CEO, said India has ambitious plans around civil nuclear engineering, adding that the global demand for nuclear power is on the rise.

“Cameco will play a pivotal role by providing Saskatchewan-mined uranium to help fuel the energy needs of India’s growing population and industries, as well as further solidify the vital trade relationship between our two countries,” Gitzel said, quoted in a statement from the provincial government.

“We are thankful for the continued advocacy of the Saskatchewan and Canadian governments to foster international trade opportunities that allow us to meet the needs of global customers and bring the benefits home.”

The Government of Saskatchewan said the uranium mining industry employed more than 2,300 people in the province in 2024, contributing more than $2.5 billion to Saskatchewan’s GDP.

“With the ongoing global shift to nuclear power, jurisdictions around the world are continuing to source more uranium from responsible, reliable and geopolitically stable regions like Saskatchewan,” the provincial government noted.