Canada, India unveil uranium supply deal, bury nuclear discord

Source: Yahoo! News Australia / Reuters

OTTAWA (Reuters) - The Canadian government on Wednesday unveiled a C$350 million (189.27 million pound) deal to supply uranium fuel to India, formally ending a lengthy dispute that began after New Delhi used Canadian technology to develop a nuclear bomb.

Canadian producer Cameco Corp will supply 7.1 million pounds (3.22 million kilos) of uranium concentrate to India over the next five years. The deal is Cameco's first with India, which the firm called the second fastest growing market for nuclear fuel. Shares in the uranium miner rose 5.8 percent in Toronto.

"Canada is providing uranium to India as a mark of its trust and confidence in India," Prime Minister Narendra Modi told a news conference during an official visit.

Canada banned exports of uranium and nuclear hardware to India in the 1970s after New Delhi used Canadian technology to develop a nuclear bomb.




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