India and Canada reset ties with 'landmark' nuclear energy deal

A host of deals, including one to supply India with uranium, is unveiled as Mark Carney meets Narendra Modi in Delhi.

India and Canada have agreed to enhance their economic partnership, aiming to reset bilateral ties after a two-year diplomatic rift. During a meeting in New Delhi, Indian Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney announced progress toward a comprehensive economic partnership, targeting $50 billion in trade by 2030. Negotiations on the trade deal resumed last year under Carney’s leadership, with hopes of concluding the agreement by the end of 2026.

Cameco Corporation has entered a nine-year agreement to supply nearly 22 million pounds of uranium ore concentrate to India's Department of Atomic Energy. The contract, valued at approximately $2.6 billion, will support India's nuclear reactor fleet from 2027 through 2035. The uranium will be delivered on market-related price terms to help fuel India's 24 operating nuclear reactors. India plans to expand its nuclear capacity to 100 gigawatts by 2047, requiring additional reactor deployments.

India and Canada are set to sign a significant 10-year uranium supply agreement. Canadian Prime Minister Mike Carney will meet Prime Minister Narendra Modi in New Delhi. This deal aims to strengthen bilateral ties. Canada is a major global uranium producer. The agreement will ensure a steady supply of uranium ore concentrate for India's nuclear reactors.