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FacebookTwitterLinkedinCopy URL Photo taken from Facebook/Premier Scott Moe Cameco CEO Tim Gitzel, left, and Saskatchewan Premier Scott Moe stand with an Indian official, following the signing of a long-term uranium supply agreement in India. In the background are Prime Minister Mark Carney and Indian Prime Minister Narendra Modi. Prince Albert’s role as a northern service hub could see renewed economic stability following a major uranium supply agreement between Cameco and India, according to the head of the local chamber. Patty Hughes, chief executive officer of Prince Albert and District Chamber of Commerce, said long-term international contracts in the uranium sector provide confidence that reaches beyond mine sites and into communities like Prince Albert. “Prince Albert is like a key service, transportation, and labour hub for the North,” Hughes said. “When you get these large, multi-year deals, those contracts definitely help stabilize the resource sector, and which in turn, supports businesses in Prince Albert that provide services.” The province announced Monday that Cameco will supply nearly $2.6 billion worth of uranium to India over a nine-year period. The agreement replaces a previous five-year deal signed in 2015 and is valued at nearly 10 times that earlier contract. At a press conference held earlier on Monday, Trade and Export Development Minister Warren Kaeding told reporters the agreement will stabilize export volumes and provide certainty for the industry. “It stabilizes both price and volume, which is what anyone in the industry is always looking for,” Kaeding said, adding the long-term agreement helps companies plan capital investment and employment levels. For Prince Albert, Hughes said that certainty translates into stability for workers who live in the city while working rotational shifts in northern Saskatchewan. “They’re earning their money there, but at the end of the day they’re spending their money in Prince Albert,” she said. “That really helps stabilize our economic viability here within the community.” Beyond direct mining employment, Hughes pointed to contractors and service providers based in Prince Albert that support northern operations. Equipment servicing companies, transportation providers, aviation services, and hospitality businesses all form part of the broader mining supply chain. “When they scale up, it supports organizations like them,” Hughes said, noting that professional services and contractors benefit when long-term resource agreements are in place. Keading also said the agreement is expected to enhance provincial revenues over time, strengthening Saskatchewan’s position as a global supplier of nuclear fuel. “It’s certainly going to enhance the bottom line not just in the next couple of years, but over the long term,” he said, referring to royalties generated through uranium development. Hughes said those royalties ultimately support public programs that residents rely on. “A deal of this size boosts royalties and tax revenues that help support our government,” she said. “Those royalties really help support health care and education.” While Hughes stopped short of predicting immediate job growth, she said economic certainty is important for communities tied to resource industries. “For Prince Albert residents, this matters because of the economic supports that come from the jobs and from the broader economic impact,” she said. Premier Scott Moe, who was in India for the signing, said the long-term supply agreement carries benefits beyond the mine sites. “This is going to be good for the electricity buildout here in India, as well as good for the economy, and good for, in particular, northern Saskatchewan and Canada,” Moe said. “These are material steps that benefit both countries and the people and families that live in both countries.” With Saskatchewan continuing to position itself as a reliable energy supplier on the global stage, Hughes said long-term agreements like the India contract reinforce confidence across northern Saskatchewan and in Prince Albert.
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