Why Canada could become the next nuclear energy 'superpower'

Canada is on the verge of becoming a significant force in the nuclear energy sector, which is increasingly seen as a solution to the climate crisis. The country is home to NexGen, a company that is developing a uranium mine in the Athabasca Basin, located in northern Saskatchewan. This region is rich in high-grade uranium deposits, which are essential for producing nuclear fuel. Although the mine is not expected to be operational until at least 2028, its potential could position Canada as one of the leading producers of uranium globally. This development is particularly exciting as it aligns with the growing demand for cleaner energy sources that can help combat climate change. The perception of nuclear energy has shifted dramatically over the years. Following the Fukushima disaster in Japan in 2011, many people became wary of nuclear power, leading to a significant drop in uranium prices. However, in the last five years, the price of uranium has surged by over 200%, making it one of the top-performing commodities this year. This change in fortune can be attributed to a growing recognition of nuclear energy's potential to address climate change. In 2018, Bill Gates, the co-founder of Microsoft, advocated for nuclear energy as an effective means to tackle climate issues. This endorsement, along with other significant developments, has sparked renewed interest in nuclear energy. NexGen's project is now valued at nearly $4 billion, despite not being operational yet. If the mine receives the necessary regulatory approvals, it could help Canada surpass Kazakhstan as the world's largest uranium producer within the next decade. Other companies are also flocking to Saskatchewan to explore uranium opportunities, while existing mines are being reopened to meet the rising demand. The need for uranium is expected to grow as more countries commit to increasing their nuclear energy output by 2050. Nuclear energy is praised for its low carbon emissions compared to fossil fuels like natural gas and coal. Currently, about 10% of the world's electricity comes from nuclear sources, while over 50% is still generated from gas and coal. At the recent COP29 conference, discussions centered around increasing funding for nuclear projects, especially in light of a UN report indicating that current investments are insufficient to mitigate global temperature rise. Canada's role in supplying uranium has become even more critical due to geopolitical tensions, particularly following Russia's invasion of Ukraine. The United States, which has historically relied on Russian-supplied enriched uranium for its nuclear reactors, is now seeking alternative sources. Mr. Curyer believes that his mine could play a vital role in securing America's nuclear energy future, as the US looks to ramp up domestic exploration for uranium. While uranium is found in various countries, Canada, Australia, and Kazakhstan are the primary producers. The Athabasca Region in Canada is unique because it has exceptionally high-grade uranium deposits. According to Markus Piro, a nuclear engineering professor at McMaster University, Canada has strict regulations governing the sale of its uranium, ensuring it is only used for nuclear power generation. This positions Canada as a 'tier-one nuclear nation,' capable of producing nuclear fuel from mining to manufacturing. Once mined, uranium is processed into a substance called calcined yellowcake, which is then enriched to create fuel for nuclear reactors. Professor Piro emphasizes that Canada offers a comprehensive solution for nuclear fuel production, which is not the case for every country.