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PM welcomes Cameco announcement of uranium contract for India’s energy program

Cooperation between governments creating jobs and economic growth in Canada

Ottawa, Ontario

15 April 2015

Introduction

Prime Minister Stephen Harper today welcomed the announcement by Cameco, a Saskatoon-based Canadian company, of a contract for the supply of over seven million pounds of uranium concentrate to India over the next five years for the generation of electricity. The contract with India’s Department of Atomic Energy was signed during the official visit to Canada by Narendra Modi, Prime Minister of India, and was witnessed by both leaders.

The export contract is specifically for Canadian uranium, which will be sourced from the company’s operations in northern Saskatchewan. The sale will permit the Cameco group of companies to establish itself in one of the world’s fastest growing uranium markets.

The signing of the contract is a clear signal of Canada’s increased energy cooperation with India and a testament to the Government’s efforts to promote greater trade and investment with India.

The supply contract was made possible by the Canada-India Nuclear Cooperation Agreement (NCA) which came into force in September 2013. The NCA and a supporting Administrative Arrangement allow Canadian companies to export nuclear items to India for peaceful uses in accordance with Canada’s nuclear non-proliferation policy and subject to appropriate export licenses and permits.

The Canadian Nuclear Safety Commission is responsible for the implementation of the Canada-India Nuclear Cooperation Agreement, ensuring that Canadian exports only go to facilities in India under International Atomic Energy Agency safeguards.

Quick Facts

  • Canada’s nuclear industry accounts for 30,000 high-quality jobs and helps make Canada’s electricity supply among the cleanest in the world.
  • Canada is the second-largest producer of uranium globally, with exports valued at more than $1 billion per year.
  • Uranium mining provides close to 5,000 jobs, and over 45 per cent of mine site jobs are held by Aboriginal employees.
  • India is currently the fourth-largest energy consumer in the world and is expected to more than triple its electricity supply within the next 25 years.
  • India is Canada’s largest trading partner in South Asia and is a priority market under Canada’s Global Markets Action Plan.
  • With bilateral merchandise trade totalling nearly $6.33 billion in 2014 in addition to bilateral services trade of over $1.5 billion in 2013, a market of more than 1.2 billion people, and a predicted economic growth of 7.5 per cent in 2015, India represents exciting opportunities for Canadian businesses.

Quotes

“I congratulate Cameco on this contract for India’s nuclear-generated electricity program, which will generate jobs and economic growth in Saskatchewan. Our Government is proud to have helped this business deal come about through the signing of the Canada-India Nuclear Cooperation Agreement.”

Prime Minister Stephen Harper

“Canada and India have a longstanding and mutual interest in expanding our trade relationship, particularly in the area of energy cooperation. This contract is a clear signal that our countries are open for expanding business partnerships together.”

Prime Minister Stephen Harper

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