Challenges in scaling uranium production

September 2025

Not long ago, uranium projects were staring at a future that needed little more than replacement for depletion. In a world where the West was going to shut reactors down and China build new ones, the demand trajectory would’ve laid flat.

In Old Economy’s projections today, new uranium supply will be needed not just to replace depletion long-term, but also to provide for growth in demand from new reactor builds. The largest uncertainty in determining just how much growth is how strong an order book for new reactors emerges in the West, India and countries looking to add nuclear power for the first time. Mining boardrooms evaluating the uranium opportunity should range these drivers to understand plausible demand outcomes.

Quantum of growth aside, mining projects have long lead times – longer than it takes to build reactors. In speaking with CNBC International, Old Economy highlighted the significant work on technical, permitting and stakeholder engagement necessary before projects are ready to break ground. The opening up of a notable supply gap may be a few years away, but in a sector where buyers particularly value certainty of supply and contract for the long-term, this will become increasingly topical as contract tenors extend into the mid-2030s.

https://www.cnbc.com/2025/09/10/uranium-market-heats-up-on-nuclear-revival-hopes.html