Uranium is regaining attention as nuclear energy is increasingly seen as a solution to the climate crisis. With vast reserves of high-grade uranium, Canada has the potential to emerge as a global nuclear powerhouse—but will it succeed?
Leigh Curyer, an industry veteran with nearly 20 years in uranium mining, has observed a dramatic shift. Following the 2011 Fukushima disaster, global confidence in nuclear power plummeted, causing uranium prices to crash. Yet, the past five years have marked a resurgence, with uranium prices surging over 200%, making it one of the top-performing commodities.
Curyer credits this turnaround to evolving perceptions, notably after Microsoft founder Bill Gates endorsed nuclear energy as a climate change solution in 2018. Momentum grew in 2022 when the UK set a target to source 25% of its energy from nuclear power, and the EU classified nuclear energy as climate-friendly. These developments spurred interest in the uranium sector, benefiting Curyer’s company, NexGen, which is developing Canada’s largest uranium mine in northern Saskatchewan’s Athabasca Basin.
NexGen, valued at nearly $4 billion, expects its mine to start operations by 2028, pending regulatory approval. If successful, it could position Canada as the world’s leading uranium producer, surpassing Kazakhstan. Saskatchewan is experiencing a mining boom as companies flock to the resource-rich region, reopening dormant mines and launching exploration projects.
The global demand for uranium is poised to rise, driven by commitments at COP28 to triple nuclear energy output by 2050. Nuclear energy’s low carbon emissions make it a viable alternative to fossil fuels, which still generate over 50% of global power. As countries like the U.S. seek to reduce reliance on Russian uranium due to geopolitical tensions, Canada’s uranium supply becomes even more critical.
What sets Canada apart is the exceptional quality of its uranium and its comprehensive nuclear fuel production capabilities, according to nuclear engineering expert Markus Piro. The country’s strict regulations ensure uranium is used solely for energy production.
Currently the world’s second-largest uranium producer, Canada accounts for 13% of global output. NexGen estimates this could increase to 25% once its mine becomes operational. Cameco, another major player, reopened two mines in late 2022, reaffirming confidence in Canada’s potential as a nuclear leader.
Despite optimism, challenges persist. Critics highlight the high costs, long timelines, and radioactive waste associated with nuclear projects. Past uranium booms have ended in busts, as seen in the decline of Uranium City in Saskatchewan. Additionally, some provinces, like British Columbia, have banned uranium mining due to environmental concerns.
Public opinion remains divided, though a 2023 Ipsos poll found that 55% of Canadians support nuclear energy. Industry leaders, however, remain confident, emphasizing improved safety protocols and growing public acceptance.
For Curyer, advancing projects like NexGen’s is vital to meet the looming uranium demand. Without new production, he warns of a global shortage that could drive up power prices. The next few years will be critical for Canada’s uranium industry and its potential role in shaping the future of nuclear energy worldwide.
