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A review on India-Canada Uranium Deal

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Narendra Modi, the Indian Prime Minister’s visit to Canada yielded the energy starving Indian nation to secure the Uranium supplied for its nuclear plants. Narendra Modi signed the deal with Canada’s Prime Minister Stephan Harper at Ottawa.

Canada has banned the trade of nuclear materials with India long back in 1976. Saskatchewan’s Cameco Inc of Canada is to supply the Uranium to India for a time span of 5 years with it worth $280 million. According to the deal 3,220 metric tonnes of uranium concentrate will be supplied for the Indian nuclear power reactors which are starving for fuels.

The uranium, source of nuclear fuel is to be procured from the northern Saskatchewan mines of Cameco, the world’s third-largest uranium producer. According to reports the company sources 16% of the world’s Uranium supplies.

Canada has played a key role in supplying the first Indian reactor named CIRIUS in 1954. Later due to India using Canadian nuclear technology to proclaim its nuclear bomb status, the ban was introduced. India currently procures uranium from Kazakhstan and Russia.

India with its 22 nuclear reactors and 6 under construction while plans for more as it is starving for supplies as uranium is the fuel. The nuclear component of India’s energy production is currently under 3 per cent at 6,000 MW. By 2032, India expects to have 45,000 MW of nuclear capacity, provided it has assured uranium fuel supplies.  With Modi’s “Make in India” echoing in the ears of the rich investors, the country needs power to add to its kitty. This has made modi to secure the deal with Canada, which is most crucial.

Indian reserves on the uranium are mainly from Andhra Pradesh, Jharkhand and Meghalaya which amounts to 181,600 Metric Tonnes, Cameco of Canada and the Department of Atomic Energy (DAE) signed an agreement marking the visit of Prime Minister Narendra Modi.