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Uranium contracting demand seen rising as reactor builds expand

Eagle Nuclear Energy says the US needs about 32 million pounds of uranium annually, while domestic production has lagged, with 2024 output at 677,000 pounds versus 50 million pounds purchased.

Reported · Written up by our desk · Energy

Eagle Nuclear Energy CEO Mark Mukhija told MINING.COM that US nuclear utilities are nearing an “inflection point” that could spur a new wave of uranium contracting as reactor demand rises and competition for Western supply intensifies.

The interview highlights a supply gap, with Mukhija pointing to years of underinvestment that left uranium production trailing reactor requirements. He said US nuclear utilities have not contracted enough replacement supply at the front end of the nuclear fuel cycle, which he expects to change.

Mukhija also said the market could tighten further as small modular reactors, conventional reactor builds, and restarts and life extensions add additional layers of demand. He cited global pressure from China and India’s large reactor build-outs, which could strain Western producer supplies.

Eagle Nuclear Energy noted it is advancing the Aurora uranium project and was added to the Solactive Global Uranium & Nuclear Components Total Return Index, a change that qualifies the company for potential inclusion in the Global X Uranium ETF, which manages over $5 billion in assets. The firm said its Aurora project is the largest mineable uranium deposit in the US, and it began trading on Nasdaq in February after completing its merger with Spring Valley Acquisition Corp. II.

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