The company is excited over the pact, which it says marks the "start of a new relationship" between the two countries.

Cameco's President and CEO Tim S Gitzel said that the company will start delivery of uranium by the second half of this year as per a schedule.

Cameco and the Department of Atomic Energy (DAE) signed an agreement here two days back during the visit of Prime Minister Narendra Modi. Under the pact, the Canadian company will supply uranium over five years at a cost of 350 million Canadian dollars.

"We signed a binding contract under which Cameco will supply 700 million pounds of uranium to India over the next five years to generate electricity from its nuclear plants in India. This is the first time for us and it is exciting," Gitzel said.

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Canada is only the third country which will be supplying uranium to India. The other two countries are Russia and Kazakhstan.

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

The two countries put this behind them with the Canada- India Nuclear Cooperation Agreement that took effect in 2013.
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When asked about apprehensions in Canada for long with regard to India over the nuclear issue, Gitzel said it was "history".

He said, "India and Canada have been working very closely over the last five years for an agreement in the civil nuclear sector which clearly dictates the

terms of the relationship as to who can do what, if we supply nuclear material uranium, what it can be used for, what is the monitoring mechanism, what oversight."

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"So, it is a new day that has allowed us to sell uranium to the Department of Atomic Energy (DAE) (of India)," Gitzel said.


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