Canada Nears $3 Billion Uranium Deal With India, May Be Inked In March

Canada and India are tantalizingly close to a 10-year multibillion dollar uranium supply deal that will likely be signed at a heads of state meeting in March, according to sources from both sides at the recently concluded India Energy Week, held in Goa, India, last week.

Canada is the world’s second-largest producer of uranium, accounting for 13% to 15% of global output, according to the International Energy Agency, while India is the world’s third-largest consumer of energy.

Given its burgeoning economy, India is on a quest for secure uranium supplies as it expands its nuclear power footprint tenfold to 100 gigawatts by 2047, and both sides are looking to partner on that front.