GLOBAL MINING NEWS
Ontario to trim early-stage rules | 25
THE NORTHERN MINER | MAY 2026
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ONTARIO
Global search for the nuclear metal / 5-6, 10-14
Hunting for precious and critical minerals / 25-28
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Will Iran war fuel reactor construction? URANIUM
| Westinghouse contracts, India deal buoy Cameco tion by 50 million to 60 million lb. a year, according to World Nuclear Association data. “Uranium market fundamentals remain tight,” RBC Capital Markets mining analyst Andrew Wong wrote in a recent note. He predicted “accelerating momentum in nuclear new builds.”
BY FRÉDÉRIC TOMESCO
T
he war in Iran could usher in a wave of nuclear reactor construction similar to the one that followed the 1970s energy crisis, Cameco (TSX: CCO; NYSE: CCJ) President and Chief Operating Officer Grant Isaac says. More than 40% of today’s operating nuclear power plants were built in response to the 1973 oil embargo by the Organization of Petroleum Exporting Countries, according to the International Energy Agency. France, Japan, South Korea and the United Kingdom were among the western countries that began a multiyear push to build nuclear reactors in the wake of the crisis. “I’ve never been more excited about the prospects for nuclear new builds globally and in particular in the West,” Isaac, a 16-year industry veteran who previously served as chief financial officer, told The Northern Miner in an interview. His company, which mines uranium and builds nuclear reactors through its 49%-owned Westinghouse Electric joint venture, has multiple irons in the fire as renewable power demand climbs. “I’m reminded the last time the West built out fleet-scale gigawatt reactors was during a Middle East energy crisis, and here we are in the grips of a Middle East energy crisis again,” Isaac said. “Now we’re worried about climate security, worried about where our alternative energy is coming from, and in the grips of a national security conversation around the need for 24-hour, carbon-free electrons for things like the data race and the onshoring of supply chains. That combination of climate, energy and national security is a great backdrop for strengthening the tailwinds to nuclear new build.” Second largest Cameco—the operator of Saskatchewan’s McArthur River, the world’s biggest high-grade uranium mine—produces 15% of uranium globally. the Saskatoon-based firm is the world’s second largest uranium miner, after Kazakhstan state-owned producer Kazatomprom (LSE: KAP), which accounts for about 20% of supply. Both companies are partners in the Inkai joint venture, which is projected to produce 10.5 million lb. of uranium this year.
Tech demand Demand for nuclear energy was on the rise even before the U.S. and Israel began bombing Iran— the result of technology companies moving to build more power-hungry data centres for AI applications. The U.S. government has also been working to accelerate nuclear’s rebound through various supports and fast-tracking uranium projects in the country’s Southwest. That increased demand has also led to reactor life extensions. Nuclear regulatory authorities in the U.S. last month approved a 20-year licence renewal for the two pressurized water reactors at California’s Diablo Canyon nuclear power plant—the 100th such extension in several years. Iran 30 >
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A freezing system used to solidify the ore zone and surrounding ground at Cameco’s Cigar Lake mine in Saskatchewan. CAMECO
“The last time the West built out fleet-scale gigawatt reactors was during a Middle East energy crisis, and here we are again.” GRANT ISAAC PRESIDENT AND COO, CAMECO
Uranium is expected to face a widening long term supply deficit over the coming decades due to rising demand, more challeng-
ing primary supply and uncertainty around new mine developments, analysts say. That’s not to say uranium’s
prospects are shock-proof. A nuclear accident such as the 2011 Fukushima disaster in Japan would undoubtedly weigh on global sentiment and uranium prices, possibly leading to policy reversals. Escalating conflicts such as the Iran war could also affect energy consumption—especially if the global economy enters a recession. For now, worldwide demand for uranium is projected to triple by 2040, showing the need to develop mines. It already outpaces produc-
Canada’s war metal: antimony | 9