Canada On the Verge of $2.8 Billion Uranium Deal with India Amid Growing Nuclear Ties

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In a significant development, Canada and India are reportedly on the cusp of a $2.8 billion deal to supply uranium to India's nuclear power plants. The agreement is expected to span a decade, according to a report by the Globe and Mail. This deal is part of a broader effort to strengthen nuclear cooperation between the two nations, building on a 2013 agreement that allowed Canada to export uranium to India for electricity generation. The deal, which would see Canadian company Cameco Inc. supply uranium to India, comes after a meeting between Prime Ministers Narendra Modi and Mark Carney on the sidelines of the G20 Summit in Johannesburg. The two leaders reaffirmed their commitment to civil nuclear cooperation, including long-term uranium supply arrangements. This deal is not the only sign of growing nuclear ties between Canada and India. The two countries are also exploring a broader nuclear cooperation agreement, with India expressing interest in small modular reactors. Furthermore, the two nations are part of the Australia-Canada-India Technology and Innovation (ACITI) Partnership, which aims to promote collaboration in emerging technologies, clean energy, and artificial intelligence. The uranium supply agreement is expected to be a significant boost for India's nuclear energy sector, which is looking to diversify its energy sources and reduce dependence on fossil fuels. The deal is also a testament to the growing economic ties between Canada and India, which are expected to deepen in the coming years.