India is prepared to purchase as much uranium as Canada's largest producer can supply, according to High Commissioner Dinesh Patnaik, as the South Asian nation pursues ambitious nuclear power expansion plans.
"We would buy as much (uranium) as Cameco can produce," Patnaik told reporters at a summit in Regina, Saskatchewan. "We would like to invest in your uranium mines, if possible."
India's Nuclear Power Ambitions
The Indian government aims to increase its nuclear power capacity more than tenfold by 2047. Patnaik emphasized the need for long-term arrangements to support these goals. "If we could get all of it from you, I don't mind," he said.
Currently, India operates two dozen nuclear reactors, with another eight under construction, according to the World Nuclear Association. The majority of the country's electricity still comes from coal.
Cameco's Role
Saskatoon-based Cameco Corp., Canada's largest uranium producer, has already agreed to supply nearly 22 million pounds of uranium to India annually from 2027 to 2035 for nuclear energy generation. Cameco supplies about 20 percent of the uranium used to fuel the 440 nuclear reactors operating worldwide.
Tim Gitzel, Cameco's chief executive, met with Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi in Delhi after the energy partnership was announced in March.
A Cameco representative stated that while there are no current plans to extend the deal beyond 2035, the company hopes to continue collaborating with India. They could not confirm whether the scope of the existing agreement would be expanded.
Energy Demand and Global Uranium Market
India's population is approaching 1.5 billion, and its energy demand is expected to grow faster than any other country over the next decade. Canada is the world's second-largest uranium producer, accounting for about one-fifth of global supply, behind Kazakhstan, which produces nearly 40 percent. Other top producers include Namibia, Australia, and Uzbekistan.
Patnaik's comments underscore India's eagerness to secure a stable uranium supply to fuel its nuclear expansion, while Canada stands to benefit from increased exports and potential investment in its mining sector.
