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Canada has resources to double uranium exports by 2035, Marsh warns

The execution risk centers on speeding up permitting, financing and policy implementation, since mine development can take 10 to 20 years.

Reported · Written up by our desk · Energy

Canada has the resources and project pipeline to meet Ottawa’s goal of doubling uranium exports by 2035, but progress will depend on execution, according to an interview with Marsh Canada’s mining risk expert.

Marsh said Canada is the world’s second largest uranium producer behind Kazakhstan, with output coming from high-grade operations in northern Saskatchewan, including McArthur River and Cigar Lake, which are operated by Cameco. It also noted that McClean Lake, operated by Orano Canada, processes ore from Cigar Lake at its local mill.

The challenge, according to Marsh, is not technical production capacity, but whether projects can be advanced quickly enough through permitting, financing and policy implementation. The outlet added that mine development typically takes 10 to 20 years and cannot be accelerated overnight, making execution the principal risk to the strategy.

Marsh also pointed to the need to maintain uranium prices at levels that justify continued investment, and it flagged geopolitics as another factor as Canada deepens relationships with customers in Europe and the United States. The comments came after Ottawa unveiled its national uranium strategy in June.

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