The geoeconomics of uranium in the Nuclear Renaissance
Joined March 2026
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$BOE pumps 70% more solution than a year ago to produce 7% less uranium.
Its costs are rising, it is holding on to its pounds and its stake in Texas has stopped producing, for now.
Three stories from Boss Energy’s quarter 👇
uranium2035.substack.com/p/b…
How much power do the biggest cloud customers reserve? Amazon $AMZN just gave an interesting answer⚡
On the Q3 call, CEO Andy Jassy said the biggest blocks of AWS capacity, “hundreds of megawatts or sometimes up to 1 gigawatt”, are reserved well in advance, with visibility into 2027, 2028 and part of 2029. A large #nuclear reactor is about 1.1 GW, so the top end of those blocks is close to one reactor.
The money behind it is just as large. Amazon expects about $220B of cash capex in 2026 and meaningfully more in 2027. Over the last 12 months it spent a net $210.7B on property and equipment, 82% more than a year earlier, with the increase driven mainly by AI.
Now the other side of the ledger 🔍
🌍 World nuclear generation was 2,762 TWh in 2006 and 2,777 TWh in 2024. Total electricity generation grew 64% over the same period.
⚛️ Reactor requirements work out to about 0.42 Mlb of #uranium a year per GW of capacity (168 Mlb in 2024 for 398 GW at the start of 2025).
🔌 GEM counts 14 reactors, about 10 GW, already tied to data center power purchase agreements.
⛏️ In 2024, mines covered about 96% of reactor requirements (161 vs 168 Mlb).
AI does not have to run on nuclear. But every gigawatt of new reactors built for it adds about 0.42 Mlb a year of requirements to a market where mine supply did not cover reactor needs in 2024.
There is a catch. Over the last 12 months Amazon’s free cash flow was -$42.4B, and its long-term debt has risen from $65.6B to $173.1B since December. The AI part of the nuclear demand story rests on that spending continuing.
Share of electricity from #nuclear, 2025:
🇫🇷 France: 68.8%
🇸🇰 Slovakia: 66.4%
🇨🇿 Czechia: 42.3%
🇭🇺 Hungary: 40.0%
🇫🇮 Finland: 39.9%
🇰🇷 South Korea: 29.6%
🇺🇸 USA: 17.4%
🇯🇵 Japan: 9.1%
🇨🇳 China: 4.6%
🇮🇳 India: 2.6%
🇩🇪 Germany: 0% 💀
Source: @OurWorldinData
$BOE beat $URNM for more than four years of this bull market.
It fell behind in October 2025, three months after Honeymoon’s problems surfaced, and apart from one day last month it has not caught up since.
Can the new Honeymoon plan change that? 💡👇
uranium2035.substack.com/p/b…
💥 Bannerman $BMN quarter results (US$, Q1 FY27)
🏗️ Etango, 🇳🇦 Namibia (52.25%):
FID announced 23 Oct; first production targeted in 2028
Capex: $353M, unchanged vs 2024 estimate; $64M incurred
Offtake: 60% to CNOL (CNNC group) at market prices
🏦 Balance sheet:
Cash: $121M; Etango JV (100%): $295M
Placement: $86M; share count +15% since June
#uranium
Uranium2035 retweeted
$BOE pumps 70% more solution than a year ago to produce 7% less uranium.
Its costs are rising, it is holding on to its pounds and its stake in Texas has stopped producing, for now.
Three stories from Boss Energy’s quarter 👇
uranium2035.substack.com/p/b…
🇲🇼 Lotus Resources $LOT produced about 0.10 Mlb of #uranium at its restarted Kayelekera mine in the September quarter, down from 0.16 Mlb in June, after only 31 days of processing while the acid plant was repaired, per its quarterly report. 📉
Recoveries are improving (80% in September, 69% for the quarter), but the shortfall has reached the contract book: about 0.16 Mlb of 2026 deliveries were deferred into 2027 and some 0.30 Mlb were settled financially rather than with physical pounds. ⚖️
A restart is the quickest new supply the market can get, and even here the pounds arrive late. Lotus now targets nameplate capacity in Q1 2027. 🏗️
🇧🇩 Rosatom has delivered the first fuel load for unit 2 of Bangladesh's Rooppur #nuclear plant. The assemblies were made by its fuel arm TVEL in Novosibirsk and arrived by cargo plane. ✈️
Unit 1 reached first criticality on October 11, and fresh fuel for its first reload has already come from Siberia. 🇷🇺
A new reactor needs a full first core before it produces any power, which makes initial loads one of the most front-loaded sources of #uranium demand. For newcomers buying turnkey plants, that fuel comes from the vendor's own supply chain. ⚛️
Source: @W_Nuclear_News
Nuclear fuel delivered for Bangladesh's second unit (October 28, 2026)
world-nuclear-news.org/artic…
🇰🇿 Kazakhstan, which produces close to 38% of the world's #uranium, is already moving to keep part of it at home.
President Tokayev said a state strategic uranium reserve, which could cover the needs of Kazakh #nuclear plants for the next century, deserves serious consideration, and a day later the prime minister tasked the @SamrukKazyna_PR fund and the Agency for Atomic Energy with creating it 🏛️
No volume or deadline has been set. Earlier this month the Agency spoke of 100,000 tU (about 260 Mlb U3O8) by 2040, mostly earmarked from confirmed deposits rather than stockpiled, and said export limits are not under consideration for now. ⛏️
Even so, pounds reserved for domestic reactors are pounds the world market cannot count on. 🌍
Source:
@trend_en
Kazakh PM tasks Samruk-Kazyna, Atomic Agency to create uranium reserve (October 29, 2026) trend.az/casia/kazakhstan/42…
@baq_media
Добыча урана в Казахстане может сократиться после 2035 года: где будут искать новые запасы (October 21, 2026) rus.baq.kz/dobycha-urana-v-k…
🇪🇹 Ethiopia plans two 1,200 MWe reactors and has narrowed more than 30 candidate locations to three potential sites for its first #nuclear power plant, according to World Nuclear News. Prime Minister Abiy Ahmed said the project will take "at least" ten years. ⚛️
🇷🇺 Rosatom is the main partner, and a draft intergovernmental agreement that would start design and engineering work is being coordinated, per Russia's ambassador quoted by Tass. 🤝
It is a story for the late 2030s at the earliest, but each newcomer adds to the #uranium demand that today's mine pipeline will have to cover. 📈
Source: @W_Nuclear_News
Nuclear is Ethiopia's next chapter, PM says (October 28, 2026)
world-nuclear-news.org/artic…
🇫🇷 France gets 68% of its electricity from #nuclear.
🇨🇳 China gets 4.5%.
If China matched France's mix, it would need about 860 GW of reactors: 15 times what it has today and more than double the entire world's nuclear fleet (398 GW).