New Delhi: India and Canada are all set to ink a 10-year deal on uranium supply when Canadian Prime Minster Mike Carney meets PM Narendra Modi here on Monday, in what would be key outcome from the visit that is aimed at resetting ties soured under Justin Trudeau’s premiership.
ET has learnt that Department of Atomic Energy and Canada are close to finalising a new 10-year contract for uranium ore concentrate supply.
Canada is the world’s second-largest uranium producer, accounting for 13% to 15% of the global output. Roughly 80% to 85% of produced uranium is exported to fuel nuclear reactors in the US, Europe and Asia.
India and Canada have a history of civil nuclear energy cooperation. It may be recalled that a Nuclear Cooperation Agreement (NCA) with Canada was signed in June 2010, which came into force in September 2013. Under the agreement, a joint committee was constituted to oversee the implementation of the agreement.
During Modi’s visit to Canada in April 2015, Department of Atomic Energy and M/s CAMECO Inc signed an agreement for supply of uranium ore concentrate to India between 2015 and 2020.
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Carney’s visit could also lead to deals in LNG, LPG and crude oil.