By CKOM News

India signs agreement to buy Saskatchewan uranium

Apr 15, 2015 | 10:50 AM

India has signed a five-year contract with Cameco to buy more than 7.1 million pounds of Saskatchewan uranium to fuel the country’s power reactors.

Cameco sells roughly 30 million pounds of uranium a year.

Indian Prime Minister Narendra Modi is in Ottawa and Toronto on Wednesday. He is expected to sign a number of deals related to the supply of nuclear reactors and uranium.

The contract is Cameco’s first with India, which is the world’s second-fastest growing market for nuclear fuel. India operates 21 nuclear reactors and provides 6,000 megawatts of nuclear capacity.

India is currently building another six reactors that should be in use by 2017. The country expects to have 45,000 megawatts of nuclear capacity by 2017.

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Prime Minister Stephen Harper said it shows the two countries are committed to expanding trade and business.
 
Saskatchewan Premier Brad Wall said during a recent interview with Bloomberg that Cameco could witness a significant growth in sales if the company signs an agreement with India.

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