The announcement was made by Kazakhstan’s uranium company Kazatomprom on Friday after recent discussions with India’s Department of Atomic Energy.
India and Kazakhstan have been in talks for a uranium supply deal since the last contract expired a few years back, with negotiations gaining momentum in recent months.
In January 2009, Kazatomprom had signed an agreement with India’s Nuclear Power Corporation (NPCIL) to supply 2,100 tonnes of uranium to India. In July 2015, it signed an agreement with India’s Department of Atomic Energy to supply 5,000 tonnes of uranium over 2015-19.
Kazatomprom is engaged in uranium mining, processing of rare metals and production and sale of beryllium and tantalum products, with 100% of the company’s products exported. The company is controlled by the state, with the Samruk-Kazyna state fund holding 62.99% of shares, the Kazakh finance ministry owning 12.01% and a free float of 25%.