Global nuclear expansion is colliding with a uranium supply chain built for a different era.
According to Bloomberg, reactor capacity is expected to increase 44% over the next decade.
Such growth is bringing a wave of fuel demand that begins well before new plants generate a single watt.
A 1-gigawatt reactor needs around 400 metric tons of uranium for its initial core load, and then about 160 tons annually thereafter.
Thus, just first loads for reactors currently planned would consume uranium equivalent to nearly 90% of current annual global mine output.
