Australia and India finalized a uranium supply agreement during Prime Minister Narendra Modi's visit to Melbourne on 9 July 2026, concluding more than 12 years of negotiations. Under the deal, Australia will supply uranium to India for civilian power generation purposes. The agreement was reported by Bloomberg Markets and represents a significant development in bilateral energy and diplomatic relations between the two countries.
The agreement directly involves uranium mining and supply operations. Energy Resources of Australia (ERA) is an Australian uranium producer whose output becomes relevant to expanded export commitments under this framework. Uranium Energy Corp (URZ) is a uranium mining company connected to the broader uranium supply market affected by this new bilateral demand signal from India.
The uranium deal was accompanied by a broader set of bilateral commitments. Modi and Australian Prime Minister Anthony Albanese also pledged to deepen defense and economic cooperation during the Melbourne visit, according to Bloomberg Markets. Separately, AustralianSuper announced an additional A$500 million commitment to Indian infrastructure, bringing its total India infrastructure exposure to A$3.3 billion, a move Finnhub reported as coinciding with the diplomatic visit.
Sources: Bloomberg Markets, investinglive.com