Ottawa close to uranium deal with India worth $2.8 billion: report

Canada and India are close to finalizing an export agreement in a deal valued at about $2.8 billion, the Globe and Mail reported on Monday (November 24, 2025), citing people familiar with the matter.

The deal for Canada to ship uranium to India would run for 10 years if finalized, the report said, adding that uranium would be supplied by Canada’s Cameco Corp. The deal could be part of a broader nuclear cooperation effort between the two countries, the report said.

The Centre, the Union Ministry of Commerce and Industry, the Canadian government and Canada’s Trade Ministry did not immediately respond to Reuters requests for comment. Reuters could not immediately verify the report.

Canadian Prime Minister Mark Carney met with Prime Minister Narendra Modi for a discussion on the sidelines of the G-20 summit in Johannesburg, South Africa, on Sunday.

The Centre said on Sunday that the two countries agreed to restart stalled talks for a new trade deal, after discussions had paused following a diplomatic spat two years ago.

“The leaders agreed to begin negotiations on a high-ambition Comprehensive Economic Partnership Agreement (CEPA), aimed at doubling bilateral trade to USD 50 billion by 2030,” the statement from India’s Prime Minister’s Office said.