Uzbekistan and India are close to signing a new long-term uranium supply agreement.

Uzbekistan and India are nearing a new long-term uranium supply agreement. This was announced by Sibi George, Secretary for Western Affairs at the Indian Ministry of External Affairs, following talks between Prime Minister Narendra Modi and President Shavkat Mirziyoyev in Tashkent.

"Positive talks took place on a long-term agreement on uranium supplies to India. We are very close to signing the agreement in the near future," George said.

During his state visit to Uzbekistan, Narendra Modi also praised the progress in implementing the existing long-term agreement on uranium supplies from Uzbekistan to India and emphasized the importance of further cooperation in the field of critical minerals.

According to a joint statement following the visit, Uzbekistan and India agreed to explore opportunities for cooperation in geology, mining, nuclear energy, and critical and strategic minerals. This includes joint projects in geological exploration, mining and processing of mineral raw materials, the production of high-value-added products, and supply chain development.

The parties also expressed interest in engaging Indian companies in the development of promising deposits in Uzbekistan and expanding cooperation in the peaceful use of nuclear energy.

According to World Nuclear News, India's installed nuclear power capacity is approximately 7.9 GW, with 24 nuclear power units operating in the country. India plans to significantly increase its nuclear generation capacity, aiming to reach 100 GW by 2047.

To operate its nuclear power plants, India relies heavily on imported uranium, which it currently purchases from Kazakhstan, Russia, Uzbekistan, and Canada. The current long-term contract for Uzbek uranium supplies runs until 2026.

In recent months, India has also concluded agreements to purchase uranium from Australia and signed a long-term agreement with Canada's Cameco to supply uranium concentrate for Indian nuclear power plants.

According to the World Nuclear Association, Uzbekistan will produce approximately 4,000 tonnes of uranium in 2024, ranking fifth in the world after Kazakhstan, Canada, Namibia, and Australia.