Canada and India to restart nuclear energy agreement. Cameco (CCJ.US) secures $1.9 billion uranium supply deal.

Canadian company Cameco (CCJ.US) signed a uranium supply agreement worth 26 billion Canadian dollars (19 billion US dollars) with India on Monday, while Canadian Prime Minister Mark Carney is making his first official visit to India. According to a statement released by Carney's office, Cameco will supply 22 million pounds (11,000 tonnes) of reactor fuel to India between 2027 and 2035. The two countries also agreed to cooperate in the areas of liquefied natural gas, critical minerals, CECEP Solar Energy, and hydrogen. This agreement marks a restart of bilateral relations. Previously, Canada accused individuals associated with the Indian government of involvement in violent activities against Canadian citizens in 2023, including the killing of a Sikh activist, leading to a deterioration in the relationship between the two countries. Additionally, less than two months before reaching this agreement with Cameco, India ended its state monopoly on nuclear power and relaxed controversial liability rules to attract private investors. This marketization is part of the Indian government's efforts to increase its nuclear power capacity to 100 GW by 2047, creating a growing uranium market as domestic resources in India cannot meet this demand. Nuclear cooperation between the two countries dates back to the 1950s, although New Delhi experienced decades of nuclear isolation after its first nuclear test in 1974. A 2008 agreement with the United States helped this South Asian country regain access to global reactor fuel and technology. India and Canada previously signed a nuclear cooperation agreement in 2010, paving the way for the uranium supply agreement reached with Cameco in 2015, but that agreement has now expired. Indian Atomic Energy Minister Jitendra Singh told lawmakers in March last year that New Delhi currently has a uranium import contract with Uzbekistan. India's nuclear power capacity is 8.8 GW, accounting for less than 2% of its total installed capacity. Carney's office stated in the declaration that Canada and India will sign a new Comprehensive Economic Partnership Agreement this year to advance the goal of doubling bilateral trade between Canada and India by 2030. The two countries also agreed to expand cooperation in the space field and signed a preliminary agreement to collaborate on the development and deployment of artificial intelligence under the Australia-Canada-India Technology and Innovation Partnership framework. Indian software giant HCL Technologies Ltd. will expand its business in North America, with its workforce in North America expected to grow by 75% by 2030.