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Enter Symbol
or Name
USA
CA



Cameco Corp
Symbol CCO
Shares Issued 395,792,522
Close 2015-04-14 C$ 18.99
Market Cap C$ 7,516,099,993
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Globe says Cameco to supply India with uranium

2015-04-16 06:44 ET - In the News

The Globe and Mail reports in its Thursday edition that Prime Minister Stephen Harper and Indian Prime Minister Narendra Modi unveiled a $350-million deal on Wednesday for Cameco to supply 3,220 tonnes of uranium to power India's reactors over the next five years. The Globe's Steven Chase and Kim Mackrael write that Canada banned exports of uranium and nuclear hardware to India in the 1970s after New Delhi used Canadian technology to develop a nuclear bomb. Mr. Modi is the first sitting Indian prime minister to make a bilateral visit to Canada in more than 40 year. India aims to increase its share of electricity generated by nuclear power to 25 per cent by 2050 from 4 per cent today. Cameco boss Tim Gitzel says the Indian uranium deal represents a small portion of annual sales. For instance, Cameco expects to sell nearly 15,000 tonnes in 2015. The deal paves the way for Cameco to sell more in the years ahead as India expands nuclear power generation. India's nuclear energy building program is second only to China's in scale. Mr. Gitzel says: "Today, they have 21 nuclear reactors operating. They have six under construction. They're building dozens more over the next few years."

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