Ontario nuclear plan could boost uranium mining

Ontario is preparing to increase its atomic energy capability to fulfill increasing electrical energy need, a relocation that might sustain uranium usage and produce possibilities for critical-mineral growth.

The Power for Generations strategy, launched this month, lays out Ontario’s incorporated long-lasting method to improve the grid, increase transmission and overview power supply as need is anticipated to increase by 75% by 2050. The structure straightens with formerly revealed nuclear investing, consisting of Ontario Power Generation (OPG)’s C$ 20.9 billion ($ 15 billion) dedication for tiny modular activators, and might include 10,000 megawatts (MW) of extra nuclear capability.

” We’re leading the biggest nuclear growth in a generation, consisting of brand-new massive builds, the biggest on the continent, and the G7’s initial tiny modular [reactor],” Preacher of Power and Mines Stephen Lecce claimed at the Canadian Club in Toronto on June 12. “Nuclear is our homegrown benefit.”

Ontario, Canada’s major nuclear power district, wishes to increase transmission to provide significant mining advancements, consisting of tasks in the Ring of Fire area. It additionally has to emulate commercial need for electrical energy projection to increase 50% in the following 5 years. With rural profession obstacles positioned to drop, it might resource uranium from Saskatchewan’s Athabasca Container, an international hotspot for manufacturing where business such as Cameco (TSX: CCO; NYSE: CCJ) and Denison Mines (TSX: DML; NYSE: DNN) run.

Ability possibility

OPG has actually allocated approximately 4 300-MW tiny modular activators (SMRs) at Darlington terminal concerning 70 kilometres eastern of Toronto, with the initial device set up to be in solution by 2029 or 2030. The SMR dedication was revealed by OPG in January 2024 and straightens with the wider brand-new method. Added massive activators are under research at Bruce Power on the coast of Lake Huron near Kincardine, though no company capability targets or budget plans have actually been established.

A buildout of approximately 10,000 MW might set you back greater than $150 billion, based upon market quotes of $10,000 to $15,000 per kilowatt for brand-new nuclear building. Those quotes follow expense arrays reported by S&P Global in 2023.

” Our gas, our parts, our design, our knowledgeable employees, our isotopes– Ontario’s nuclear supply chain is top quality,” Lecce claimed.

The strategy additionally suggests constructing brand-new east-west transmission hallways to sustain power safety and security and critical-mineral growth.

Experts recommend the nuclear growth might maintain long-lasting uranium need. Worldwide usage is anticipated to increase almost 30% by 2030 and near 200% by 2040, according to S&P Global. The uranium area cost has actually floated around $88 to $90 per pound. this month, stable after pulling back from over $100 earlier in 2025 in the middle of supply issues and succeeding easing.

Mineral web links

” Facilities that attaches our districts, opens our possible as a federation, and lastly moves on with constructing one solid Canadian economic situation,” Lecce claimed.

Ontario’s strategy to SMR sourcing might assist develop “a fixed-price, financial supply chain structure for future builds,” claimed Chris Thompson, an expert at eResearch, based in Toronto.

Some specialists keep in mind obstacles, consisting of Ontario’s absence of uranium enrichment centers, dependence on international vendors, and the danger of expense overruns and hold-ups that have actually impacted SMR tasks worldwide, as highlighted by the United States Congressional Study Solution. However, Lecce claimed the district is established to progress.

” This is our strategy, our financial strategy,” Lecce claimed. “It’s additionally our dedication that Ontario will certainly lead and develop and power the future of Canada.”