NTPC Seeks Overseas Uranium Mines for Nuclear Power Expansion
Quick Look
India's NTPC is seeking consultants to identify overseas uranium mines in countries like Canada, Australia, and Kazakhstan to secure fuel for its planned 30 GW nuclear power capacity expansion over two decades, supporting the nation's decarbonization goals.
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Why It Matters
India's largest power producer, NTPC, is seeking overseas uranium mines to support its ambitious nuclear power expansion plans, aiming to build 30 GW over two decades.
India’s largest power producer is seeking to invest in overseas uranium mines to secure supplies needed to fuel 30 gigawatts of nuclear power capacity it plans to build over the next two decades.
State-controlled NTPC Ltd. issued a tender to appoint consultants that will help identify potential assets in uranium-mining countries including Canada, Australia, Kazakhstan and South Africa, according to documents posted on its tender website. Bids are due July 16.
The search for uranium marks the latest step in India’s ambition to grow atomic power capacity more than elevenfold by 2047, part of a broader push to decarbonize an economy that’s driven largely by coal and other fossil fuels. NTPC aims to build around 30% of the country’s 100-gigawatt target.
In December, the Indian parliament passed a law that will end a decades-old state monopoly in atomic power generation and open the industry up to private firms. The new legislation also envisages sweeping changes to the country’s liability provisions that had spooked investors.
“The scale of planned capacity addition necessitates securing a sustainable fuel supply of uranium,” NTPC said in the bid document. “Considering the limitations of domestic fuel and mining reserves, overseas exploration and the acquisition of uranium mines are required.”
At present, India relies on another state-controlled company – Uranium Corp. of India – for domestic supplies of the metal. The country’s only producer mines mainly in the states of Jharkhand and Andhra Pradesh.
New Delhi has already been diversifying its overseas supplies, agreeing during Prime Minister Narendra Modi’s visit to Melbourne this week to import uranium from Australia. India also buys the atomic mineral from Uzbekistan and Russia, while shipments from Canadian miner Cameco Corp. are due to begin next year.
Global uranium mining is relatively concentrated, with the top five producers accounting for almost 70% of the world’s output in 2024, according to the World Nuclear Association. Kazakhstan’s NAC Kazatomprom was the biggest producer in that year, followed by Cameco.
Open Questions
- Which specific assets will NTPC target?
- What will be the total investment in overseas mines?
- How will this affect domestic uranium prices?
