Nuclear Power, Fuel and Uranium
Helping clients secure the resources needed
for growth of nuclear power.
Nuclear renaissance 2.0 is underway, driven by energy security, AI and climate change. The potential range of outcomes for nuclear power will vary by country, political positions and public opinion, but the structural shift from the post-Fukushima world is undeniable. New players are entering the market, from new SMRs designs to new mining projects, and incumbents are switching to the fast lane.
Nuclear power utilities, fuel service providers, uranium miners, traders, financiers, and governments are finding themselves in a new environment driven by potential market growth and significant capital allocation. Our nuclear fuel and uranium consultants can bring together expertise in commercial contracting and corporate and marketing strategy to position your organisation for the new paradigm.
How we help clients
Sector Foresight
Old Economy combines proprietary databases, modelling rigour and market intelligence to deliver robust foresight on the sector.
Fuel Cycle Commercial Advisory
Of the major mined commodities, uranium has probably the most complicated set of contracting practices. Old Economy advises sellers and buyers of uranium, conversion and enrichment on refining their contract terms to optimise the value and risk outcomes.
Daily Wrap on Nuclear Power and Uranium
Every day, we interpret the so-what of the most important developments in the sector.
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Our Experts
Mahesh Goenka
Director, Singapore
Mahesh leads the Strategy and Sales & Marketing Practices at Old Economy, with a focus on mined commodities like uranium, copper, aluminium, battery raw materials and steel raw materials.
Mahesh previously led strategy and sales at BHP in Singapore.
Our Insights
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
What is needed to attract capital into nuclear again
September 2025
If the West is to increase nuclear capacity by anything remotely close to the magnitude being talked about, government balance sheets alone won’t get them done. The sector needs to attract private capital, but as I said to CNBC in London last week, the risk-reward equation today means financiers aren’t queuing up around the block just yet.
Ascending the learning curve on nuclear again is critical – delivering projects on time and on budget is what will ultimately make investors and lenders more comfortable. At Old Economy, one of the key signposts we’re watching in forecasting nuclear power is the pathway to doing nuclear projects well in the West. For this, the industry needs to figure out how the first crop of new builds – the highest-risk ones – will be advanced.
https://www.cnbc.com/2025/09/10/uranium-market-heats-up-on-nuclear-revival-hopes.html