In recent years, Canada has been experiencing a significant revitalization of its nuclear energy sector, fueled by a global reassessment of the role that uranium plays in addressing climate change. With rich deposits of high-grade uranium, Canada is positioned to emerge as a “nuclear superpower.” However, to fully harness this potential, the country must navigate regulatory hurdles, market demands, and public sentiment around nuclear energy.
One of the pivotal players in this renaissance is Leigh Curyer, an Australian-born businessman with nearly twenty years in uranium mining. Over the past decade, Curyer has witnessed a dramatic shift in the uranium market, primarily catalyzed by public perception of nuclear energy in the wake of the 2011 Fukushima disaster in Japan. Following that catastrophic event, uranium prices plummeted, reflecting a widespread fear of nuclear power. However, in the last five years, the landscape has changed significantly, with prices surging more than 200%. Notably, this change in sentiment can be linked to influential figures, such as Microsoft founder Bill Gates, who advocated for nuclear energy as a viable solution for climate challenges.
Curyer’s company, NexGen Energy, is at the forefront of this movement, developing one of the largest uranium mines in Canada located in the Athabasca Basin of Saskatchewan. Although the mine is not expected to be operational until 2028, it is already valued at nearly $4 billion, signifying the immense potential the project—and Canada as a whole—holds for the uranium market. If NexGen’s project receives regulatory approval, it could potentially crown Canada as the leading producer of uranium globally, surpassing Kazakhstan.
The renewed interest in nuclear energy is underscored by various international commitments, including a pledge made at COP28 by nearly two dozen countries aiming to triple their nuclear energy output by 2050. Despite nuclear’s reputation for low carbon emissions—a stark contrast to fossil fuels like coal and natural gas—there remains resistance from environmental groups concerned about the financial viability of nuclear projects and the timelines required to launch new facilities.
In the wake of global energy shifts, particularly exacerbated by the geopolitical tensions following Russia’s invasion of Ukraine, Canada’s role as a uranium supplier has become increasingly critical. The U.S. is actively seeking to reduce its reliance on Russian-sourced uranium for its nuclear reactors. Curyer emphasizes that his mine could play a crucial role in anchoring the U.S. nuclear energy landscape as it searches for reliable alternatives.
Also noteworthy is that Canada’s unique geology makes the uranium in the Athabasca Basin particularly high-grade compared to that found in other parts of the world. According to Markus Piro, a nuclear engineering professor at McMaster University, Canada has stringent regulations governing uranium sales, ensuring that the extracted uranium is exclusively used for nuclear power generation. This regulatory framework, alongside its comprehensive capability to manage the entire production process—from mining through to fuel manufacturing—positions Canada as a leading “tier-one nuclear nation.”
Currently, Canada ranks as the second-largest uranium producer globally, contributing about 13% of the total supply. If NexGen’s operations come online as projected, this figure could rise to 25%. However, challenges persist, as seen in the past, where earlier uranium booms have led to busts, and skepticism remains about the industry’s future. A stark example is Uranium City, Saskatchewan, once a thriving hub for uranium mining with a population of 2,500, which dwindled to just 91 residents after economic shifts in the 1980s.
While the promise for growth is palpable, there are underlying societal concerns regarding the safety of nuclear energy and the long-term implications of managing radioactive waste. The lessons learned from past nuclear incidents, as well as public opinion, play an essential role in shaping the industry’s future. Currently, a recent Ipsos poll revealed that 55% of Canadians support nuclear energy, reflecting a growing acceptance of its role in addressing climate change and ensuring energy security.
In conclusion, while Canada stands on the precipice of becoming a nuclear energy powerhouse, realizing this potential will depend on sustained investment, stringent regulatory compliance, and effective communication with the public about the benefits and safety of nuclear technology. With the right strategic actions, Canada could not only bolster its own energy needs but also contribute significantly to global nuclear energy markets in the coming decades.
