Uranium
This industry involves the mining and chemical processing of uranium ore into fuel concentrates (yellowcake) used to power nuclear reactors.
Why it exists
Uranium mining exists to supply nuclear reactors with fuel for long-duration, zero-carbon baseload power.
Why it’s necessary
Nuclear power delivers consistent, large-scale electricity without intermittent constraints or carbon emissions. It is one of the few scalable clean baseload options.
Key components
Uranium mining & in-situ recovery
Conversion and enrichment
Fuel fabrication
Nuclear plant contracting ecosystems
How to evaluate businesses
Evaluate cost of production, jurisdiction stability, contract coverage, inventory strategy, and exposure to spot vs long-term pricing. Supply discipline and geopolitical alignment are core risks.
How the industry could be improved
Faster permitting, small modular reactor (SMR) integration, more transparent long-term contracting, fuel recycling technologies, and better public communication around nuclear risk vs reality.