Cameco Inc. has signed a supply agreement to provide India’s Dept. of Atomic Energy with 7.1 million lb of uranium concentrate under a long-term contract through 2020. The agreement was signed during an official visit to Canada by Indian prime minister Narendra Modi. The contract is Cameco’s first with India, which is the world’s second fastest growing market for nuclear fuel.

The contract, valued at approximately C$350 million at current uranium prices, is specifically for Canadian uranium sourced from Cameco operations in northern Saskatchewan.

Export of Canadian uranium to India for the generation of electricity is authorized by the Canada-India Nuclear Co-operation Agreement, which came into force in September 2013.

India operates 21 nuclear reactors, providing 6,000 MW of nuclear capacity and meeting about 3% of the country’s electricity needs. Another six reactors totaling 4,300 MW are under construction and scheduled to come online by 2017. By 2032, India expects to have 45,000 MW of nuclear capacity.

India’s Dept. of Atomic Energy is engaged in the development of nuclear power technology and applications of radiation technologies in the fields of agriculture, medicine, industry, and basic research. The department has five research centers, three industrial organizations, five public sector undertakings, and three service organizations.