We've written before about investors racing to lock down supplies of nuclear fuel. The chart above helps put in perspective just how urgent the situation really is.
Why it matters: The energy transition won't happen without plenty of new uranium mining.
What's happening: Countries are racing to build new large reactors and small modular reactors (SMRs) to meet surging electricity demand.
Plus: Russia is among the world's largest sources of uranium. Its invasion of Ukraine and the resulting international sanctions have cut off much of that supply.
- Other large producers: Kazakhstan, Australia, Namibia, Canada, Uzbekistan and Niger.
Meanwhile, U.S. uranium mining plummeted through 2022, though it's expected to rebound as investors put money into restoring domestic production.
- Keep an eye on so-called HALEU, a type of fuel required by many advanced reactor designs.
What they're saying: "Russia’s invasion of Ukraine will put additional focus on the fuel cycle," Wood Mackenzie noted in a report this spring.
- "Europe and the other markets that rely on Russian uranium will seek to maximise the use of spent nuclear fuel and procure new uranium supply at the lowest possible cost."
