The global nuclear energy market is undergoing a remarkable transformation, with Canada positioned to play a central role in this emerging energy renaissance. Thanks to its rich reserves of high-grade uranium, particularly in Saskatchewan’s Athabasca Basin, the country is on the cusp of becoming a major supplier of nuclear fuel, a commodity increasingly in demand as countries worldwide strive to meet ambitious climate goals. The resurgence of interest in nuclear energy has reignited global demand for uranium, and Canada’s mining sector is poised to capitalize on this new wave of investment and exploration.
For nearly two decades, Leigh Curyer, the CEO of NexGen Energy, has been part of the uranium mining industry. Over this time, he witnessed firsthand the steep decline in uranium prices that followed the 2011 Fukushima nuclear disaster. The disaster severely impacted public perception of nuclear energy, and the global uranium market took a hit as a result. However, in the last five years, uranium prices have seen an extraordinary resurgence, driven by a shift in how the world views nuclear power. High-profile advocates such as Bill Gates, who called nuclear energy “ideal for dealing with climate change,” and political leaders in the UK and the EU who have reinforced their commitment to nuclear energy, have helped reframe the narrative. This renewed optimism in nuclear energy has seen uranium prices rise by more than 200%, and as a result, uranium is now one of the world’s top-performing commodities.
At the heart of this revival is NexGen’s ambitious project in northern Saskatchewan’s Athabasca Basin, one of the world’s richest uranium deposits. The company’s mine, which won’t be operational until at least 2028, has already drawn significant attention, with NexGen’s valuation soaring to nearly $4 billion. Once the mine is up and running, it is expected to significantly increase Canada’s uranium production, potentially positioning the country as the world’s largest uranium producer, surpassing Kazakhstan. This would mark a dramatic shift in the global uranium market, and other companies have quickly moved to explore similar opportunities in the region. Saskatchewan, with its vast uranium reserves, has become a hotbed of mining activity, with established companies like Cameco ramping up production at their existing mines and new players flocking to the province in search of valuable deposits.
Canada’s uranium reserves are of exceptional quality, particularly in the Athabasca Basin, where the uranium deposits are among the highest-grade in the world. This makes Canadian uranium highly sought after by global buyers, as it is more efficient and cost-effective to mine compared to lower-grade uranium found in other regions. Professor Markus Piro from McMaster University points out that Canada’s strict regulations on uranium exports ensure that the commodity is only used for peaceful nuclear power generation. Furthermore, Canada is one of the few countries in the world that operates a fully integrated nuclear fuel supply chain, from mining to fuel fabrication. This allows the country to not only mine uranium but also process it into fuel for nuclear reactors, which strengthens its position in the global energy market.
Canada’s uranium industry is set to play an even larger role in the coming years, with NexGen’s mine expected to increase the country’s share of global uranium production from 13% to 25%. With the global nuclear energy sector poised for rapid expansion—fueled by countries committing to triple their nuclear power generation by 2050 at COP28—Canada’s uranium supply is becoming an essential component of the world’s energy future. Nuclear energy’s low carbon emissions make it an attractive option for countries seeking to reduce their reliance on fossil fuels and meet their climate targets. The World Nuclear Association estimates that nuclear power accounts for approximately 10% of global electricity production, and this share is expected to grow as nations invest more heavily in clean energy solutions.
However, not everyone is convinced that nuclear energy is the answer to the world’s climate crisis. Critics argue that nuclear projects are expensive and that the lengthy construction timelines for new reactors are incompatible with the urgent need to address climate change. The timeline for building new nuclear plants is long, and many projects won’t come online until the end of this decade. Additionally, the environmental and safety concerns surrounding nuclear energy—particularly the risks associated with radioactive waste—have led some to question whether it can be part of the solution to the climate crisis. Nonetheless, the nuclear industry has made significant strides in improving safety and addressing these concerns. Public support for nuclear energy is growing, with a 2023 Ipsos poll showing that 55% of Canadians are in favor of nuclear power, signaling that the industry is gaining broader acceptance.
As the global demand for clean energy solutions continues to rise, Canada’s uranium industry is poised to play a critical role in meeting the world’s energy needs. With companies like NexGen leading the charge, the country’s vast and high-quality uranium reserves offer a unique opportunity to establish itself as a nuclear energy superpower, positioning Canada as a key player in the transition to a low-carbon future.
