Cameco hopes to supply uranium to India

Cameco-India Uranium Export Deal advances as Canada negotiates long-term nuclear fuel supply, supporting India's civilian nuclear power, clean energy goals and reactor fleet, enhancing energy security with over seven million pounds and decades of deliveries.

Saskatoon-based uranium miner Cameco Corp. says a multimillion-dollar deal is in the works to supply its product to India for nuclear power plants.

Cameco calls itself the world's largest supplier of uranium.

CEO Jerry Grandey told CBC News that negotiations for an Canada-India nuclear deal have been underway between authorities in Canada and India for more than a year and an order for more than seven million pounds of uranium is imminent.

"One of the interesting things is that India, of course, has got a very ambitious civilian nuclear power program and they have shortage of uranium within the country," Grandey told CBC News in an interview. "So they've been quite eager to establish a long-term relationship with a supplier like Cameco so that we can — over many decades — supply them the fuel that they need."

The company released financial figures for its third quarter as a boom for Canadian uranium appears possible, and Grandey said the company "remains on target for another strong year in revenue and cash flow."

He said the world is "energy-hungry" and, with nations rushing to lock in uranium deals across global markets today, electricity generated by nuclear reactors has a positive outlook.

"Nuclear is increasingly seen as the leading, credible option for clean energy generation, as companies like Areva expand uranium mining around the world today," Grandey said.

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