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Economy

Nuclear revival sparks global race to secure uranium supply

The Alta Mesa Uranium Project in southern Texas reopened in 2024 and is now the second-largest uranium producer in the United States.

Source: Channel NewsAsia · August 20, 2026 at 12:01 AM · AI-assisted report

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KUALA LUMPUR, 20 AUGUST 2026 —

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The Alta Mesa Uranium Project in southern Texas reopened in 2024 and is now the second-largest uranium producer in the United States.

Market Impact

At 5.30am daily, foreman Jesus “Jesse” Garza Jr prepares to run the re-activated mine where his grandmother worked during the Cold War. Texas once supplied enough uranium to power eight million US homes each year. Garza said the project lets him continue the family legacy and he believes nuclear power is the future.

Global uranium demand is expected to double by 2040. The International Atomic Energy Agency warns supply may fall short from 2030, raising the risk of a fuel shortfall. The industry is scrambling to reopen mothballed mines, expand enrichment plants and develop new technologies to secure supply.

More than 40 countries now plan or are building new reactors as governments seek low-carbon electricity while data centres, AI factories and cryptocurrency mining increase power demand. A single uranium fuel pellet the size of a fingertip contains as much energy as a tonne of coal or 17,000 cubic feet of natural gas.

Kazakhstan, the world’s top producer, extracts uranium through in-situ recovery and accounts for 40% of global primary output. The technique uses wells to dissolve uranium underground, bringing a concentrated powder called yellowcake to the surface. In the Kharasan-2 mine, wells pump solution into the ore body and return uranium-rich fluid for processing.

Kazakhstan relies on Russia to enrich its uranium. Western buyers have rerouted shipments via the Middle Corridor through the Caspian Sea, Azerbaijan and Georgia to the Black Sea after the war in Ukraine.

Australia holds the largest known uranium resources—twice Kazakhstan’s—yet turning reserves into production can take a decade. Alligator Energy chief executive Andrea Marsland-Smith said exploration and permitting can each require up to five years. In Western Australia, where no new uranium mines have been approved since 2017, deposits sit beneath land of deep significance to Aboriginal communities. Wangkatha elder Gregory Stubbs said his people are not ready.

Mayor Glenn Wilson of Kalgoorlie-Boulder said there are now “conversations we haven’t had before” about the importance of uranium mining.

Sweden, which holds 27% of Europe’s known uranium, banned mining in 2018 over concerns that alum shale releases heavy metals. With soaring electricity prices and a push to cut reliance on Russian fuel, Sweden lifted the ban in January while keeping environmental safeguards.

Japan, which imports all its reactor fuel, is investigating extraction from seawater. The oceans contain 500 to 1,000 times more uranium than land reserves—enough for 60,000 years of global nuclear power. Scientists at the National Institutes for Quantum Science and Technology are testing braided materials that capture uranium compounds from acidic hot springs at Kusatsu Onsen. Project leader Noriaki Seko said the team is improving reusable materials to cut costs.

Countries are also racing to build domestic enrichment and small modular reactor capacity. Small modular reactors can be deployed faster and scaled as demand rises, offering a route to energy independence for nations that have historically relied on foreign suppliers.

The supply chain remains concentrated. In 2022, 84% of the uranium used in American civilian reactors came from Canada, Kazakhstan, Russia, Uzbekistan and Australia, with Russia supplying 24% of enriched uranium.

Prices have risen from roughly US$40 to US$85 per pound over the past decade. Miners are revisiting projects once deemed uneconomic. For Texas miner Garza, the revival means more shifts, more training and a chance to leave his mark on an energy source he believes is essential for the future.

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Reporting based on Channel NewsAsia. Figures and claims are subject to revision as the story develops. DomainFork publishes editorial context, not investment advice — see our editorial standards.