Nuclear power revival sparks global race, from uranium mines in Texas to seas of Japan
With uranium demand expected to double by 2040, countries are reopening mines, expanding enrichment capacity and exploring alternative fuels, seawater extraction and fusion technology, CNA’s The Nuclear Option finds.
As global demand for nuclear power surges, countries are re-entering the race to secure the fuel necessary to sustain this clean energy source. In southern Texas, Jesse Garza Jr, a foreman at the Alta Mesa Uranium Project, is a direct descendant of the miners who once worked in the same location. His family's legacy in the uranium mining industry is part of a resurgence that has seen the second-largest uranium producer in the US reopen operations after a decade-long decline.
The nuclear revival is not limited to Texas; more than 40 nations plan to build new reactors or consider it as they seek low-carbon electricity options and industries like AI and crypto mining drive energy demand. One of the main attractions of nuclear power is its remarkable energy density, with a single uranium pellet as small as a fingertip providing as much energy as a tonne of coal or 17,000 cubic feet of natural gas.
However, the race for uranium is fraught with challenges. Global uranium demand is expected to double by 2040, and the supply may begin to dwindle after 2030, potentially causing a fuel shortage in the coming years. A significant portion of the world's uranium is controlled by a few countries, with Kazakhstan being the largest producer, relying heavily on Russia for enrichment.
The ongoing conflict in Ukraine has complicated export routes and raised concerns over fuel supply security. Meanwhile, Australia holds the world's largest uranium reserves, but turning those reserves into a viable supply chain could take nearly a decade. Environmental and political concerns, particularly around Aboriginal cultural sites, present further obstacles.
Sweden, which holds 27% of Europe's known uranium reserves, recently lifted a ban on uranium mining but remains cautious due to environmental and political considerations. As demand for nuclear power grows, the global race to secure uranium fuel and control the technologies and supply chains for the new nuclear age intensifies.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
