Canada's uranium sector surges as countries race to build nuclear reactors
Following a decade-long slump after Japan's Fukushima disaster, the nuclear industry is experiencing what experts call a renaissance. Canada aims to sell reactors globally and double uranium exports.
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Canada's uranium sector is experiencing a revival after a decade of stagnation, as countries across the globe rush to build nuclear power plants to meet growing electricity demand while cutting emissions.
The federal government has proposed constructing 10 new reactors by 2040 and wants to sell Canadian-made reactors internationally while doubling uranium exports. Ontario is already building a small modular reactor at Darlington station northeast of Toronto, and Saskatchewan plans to construct a reactor in the 2030s.
Saskatoon-based Cameco, one of the world's largest uranium producers, is leading the rebound. After restarting operations at McArthur River and Key Lake in 2022 following closures in 2016 and 2018, the company is now planning to extract uranium from a new section of its Cigar Lake mine starting in 2030. Taryn Roske, a Cameco employee who was laid off twice when the industry stalled, called the shift a turning point. "I think people thought that it was kind of over," she said. "But in the last few years, it's proved otherwise."
The industry's collapse began with Japan's March 2011 Fukushima disaster, when an earthquake and tsunami overwhelmed the Daiichi nuclear plant, killing roughly 22,000 people and forcing thousands to relocate due to radiation. Uranium prices plunged and public support for nuclear power soured. Peter Elder, chief scientific officer with Canadian Nuclear Labs, said public opinion shifted a few years ago for two reasons: countries want reliable energy sources they can control independently, and nuclear power produces no emissions while meeting rising electricity needs.
