(MENAFN- ProactiveInvestors)
Cameco Corp. (TSX:CCO NYSE:CCJ) has signed its first ever deal to supply uranium concentrate to India.
Cameco announced that it will provide the Department of Atomic Energy of India with 7.1 million pounds of uranium concentrate through to 2020.
India is the world’s second fastest growing market for nuclear fuel operating 21 nuclear reactors providing 6000 megawatts of nuclear capacity meeting about 3% of the country’s electricity needs.
Tim Gitzel president and CEO of Cameco commented: "This contract opens the door to a dynamic and expanding uranium market.
"Much of the long-term growth we see coming in our industry will happen in India and this emerging market is key to our strategy.
"We thank Prime Minister Stephen Harper and Saskatchewan Premier Brad Wall whose strong support laid the groundwork for this agreement.
"We expect it will lead to growing trade in nuclear products and services between our nations for the generation of clean nuclear electricity."
The company also added: "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."
Indian reactors under construction
There are currently six reactors totalling 4300 megawatts are under construction and scheduled to come online by 2017.
By 2032 India expects to have 45000 megawatts of nuclear capacity.
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