File photo of MacArthur River Uranium mine site in northern Saskatchewan. (Image Credit: Photo 12575801 © Scott Prokop | Dreamstime.com)

By Derek Cornet

announcements

Demand strong for Northern Sask. uranium

Mar 6, 2026 | 2:52 PM

It was a big week for the uranium industry in Northern Saskatchewan.  

On Monday, Cameco and the federal government announced an agreement that will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period with a total contract value estimated at approximately $2.6 billion.   

“Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada,” said CEO Tim Gitzel in a media release.  

“India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn’t possible without a stable supply of uranium fuel. Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained.” 

India currently has 24 operating reactors with plans to deploy dozens by 2047. Deliveries under the contract are expected to begin in 2027 and run through 2035 in alignment with Cameco’s long-term contracting strategy. Cameco previously supplied uranium to India under a five-year contract that began in 2015.   

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That’s welcomed news to La Ronge Mayor Joe Hordyski, who said uranium extraction is important to the economy of Northern Saskatchewan. 

“La Ronge does business with Cameco and we have employees there, so having a secure future and when you got that kind of a contract, you know you’re going to get good value for your product. Sometimes when you are struggling with the markets and the product takes a dip. The demand is there. It’s certainly good for the industry and good for the whole North,” he explained.   

“At one point, they weren’t really expanding and opening up production and any other mines, because they don’t want to flood the market because that reduces the value of the product, so by securing a big contract like that they would be able to increase production to meet that demand.” 

In addition, the Canadian Nuclear Safety Commission (CNSC) announced its decision on Thursday to issue a licence to NexGen Energy Ltd. to construct its Rook I Project. 

The proposed facility is a uranium mine and mill located about 155 kilometers north of La Loche. The proposed project would produce up to 14 million kilograms of triuranium octoxide annually for 24 years. 

Two weeks ago, Denison Mine Corporation was also given the go ahead by the CNSC to begin construction on its Wheeler River project. Site preparation and construction of the Phoenix mine is expected to begin in March. 

Denison estimates it has 56.7 million pounds uranium reserves, and they expects to operate the mine for 10 years.  

derek.cornet@pattisonmedia.com