Cameco Snags Indian Contract
CBJ – Cameco has signed a sales agreement with India that will see Canada’s largest uranium producer provide the Department of Atomic Energy of India with more than 7 million pounds of uranium concentrate under a contract that runs through 2020.
“This contract opens the door to a dynamic and expanding uranium market,” Cameco president and CEO Tom Gitzel said in a statement. “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.”
The agreement, worth $350-million to Cameco, was announced by Prime Minister Stephen Harper during Indian Prime Minister Narendra Modi’s visit to Canada Wednesday. Cameco shares shot up by about 5% to $19.80 on the TSX after the news was announced.