India is very interested in nuclear power. The country has 20 nuclear reactors in place, seven under construction, 18 planned and 39 proposed, all of which boils down to the fact that India is going to need uranium to feel those reactors. Lots and lots of uranium.
India's quest to secure a stable source of uranium has led to chatter that during the East Asia Summit (EAS) — scheduled to take place on October 10 — Indian Prime Minister Manmohan Singh and Australian Prime Minister Tony Abbott could strike up a conversation regarding the issue of Australian uranium sales to India. Official sources for the EAS told the Economic Times of India, that "[t]he new government in Australia has said they would be happy to schedule a meeting on uranium matter relatively very soon and therefore the issue could be deliberated upon during this meeting." But Australia is not the place that India is looking to get its uranium — India is in talks with Uzbekistan as a possible source of uranium. The East Asian country has been scoping out prospects in Central Asia to help meet its uranium needs. India already has standing contracts withaKazakhstan and Mongolia, according to thea Times of India. From Uzbekistan, India is hoping toaimport about 2,000 tonnes of uranium by 2014. India's Department of Atomic Energy explained that India "is not ... focusing on Central Asia only, but the region happens to have proven reserves of uranium."aAt this point, India is trying to secure uranium wherever it can. Nuclear cooperation agreement finalized One connection in India's favor was finalized at the end of September, when a nuclear cooperation agreement (NCA) between India and Canada was set in motion. The NCA has been in the works since 2010, and the negotiation process was finally completed. Showing support for the NCA was global uranium heavyweight Cameco (TSX:CCO), which sees the NCA as a benefit to both countries. "India has one of the most aggressive growth plans for nuclear energy in the world," said Tim Gitzel, Cameco's president and CEO. "The completion of the Canada-India NCA now gives us the ability to supply Canadian uranium to this important future growth market, which will mean more jobs, more investment and more development here in Canada."