India, Canada near $2.8 billion uranium deal: report

India and Canada are on the verge of finalizing a landmark uranium-export deal valued at about $2.8 billion, The Globe and Mail reported, citing people familiar with the negotiations.

The agreement would see Canadian uranium miner Cameco Corp supply uranium to India over a 10-year term, as part of a broader civil-nuclear cooperation arrangement.

The announcement follows a meeting on Sunday, 23 November, between Canadian Prime Minister Mark Carney and Indian Prime Minister Narendra Modi on the margins of the G20 summit in Johannesburg.

During that meeting, the leaders also agreed to restart talks on a high-ambition Comprehensive Economic Partnership Agreement (CEPA) aimed at doubling bilateral trade to $50 billion by 2030.

Commerce and industry minister Piyush Goyal underlined the significance of the energy-element of the partnership, saying India and Canada had “a lot of potential” in the areas of nuclear energy alongside critical minerals and AI.

The deal marks a strategic win for India’s energy-security ambitions. New Delhi has been seeking stable, long-term supplies of uranium and fuel services as it ramps up civilian nuclear-power capacity.

A Canadian supply-agreement would reduce India’s reliance on a smaller set of suppliers and help cushion fuel-cycle risks. Analysts said it also signals Ottawa’s renewed interest in India’s fast-growing market.

But the arrangement raises strategic and regulatory questions. Canada has stringent export-control rules for nuclear materiel, and India’s unique position as a nuclear-armed state outside the non-proliferation treaty framework adds complexity.

Canadian and Indian officials have yet to issue a formal confirmation of the deal.

For Canada, the benefits are multifold, including boosting uranium exports, deepening engagement in Asia, and repairing trade ties with India after a two-year diplomatic stand-off following Ottawa’s 2023 allegations of Indian involvement in a separatist’s killing on Canadian soil.