Canadian uranium major Cameco coming to India

Cameco Corporation of Canada, one of the world's biggest uranium mining companies, has set up an office in Hyderabad ahead of a big entry into India.

Cameco, which accounts for 15 per cent of the world's uranium production and has proven reserves of around 225 million kg, today said the India-Canada civil nuclear deal would open "an exciting opportunity" for it.

Cameco said it planned to sell both uranium and mining technology to India. "The nuclear deal with India will allow us to look into potential business opportunities in a growing market," Cameco spokesperson Lyle Krahn said.

He said, apart from supply of uranium, his company would look at "the entire spectrum from exploration to fabrication" of uranium in India.

"India's announced programme for the construction of new nuclear power plants is second only to China in its scope, so India represents a large market opportunity for any uranium fuel supplier," Krahn said.

"We intend to pursue long-term uranium sales agreements once the government agreements are in place," he added.