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Uranium miner Deep Yellow exec says nuclear energy outlook ‘stronger than ever’

Deep Yellow head of business development Andrew Mirco

Deep Yellow head of business development Andrew Mirco

5th August 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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The world is on the brink of the biggest wave of nuclear reactor construction in history, marking a decisive shift toward nuclear energy as a key part of the clean energy future, says Andrew Mirco, head of business development at ASX-listed uranium company Deep Yellow.

Speaking at the Diggers and Dealers Mining Forum in Kalgoorlie on Tuesday, he said the global pivot to nuclear was “stronger today than ever before”, driven by energy security concerns, decarbonisation goals and a shift in public and political sentiment.

“We are about to embark on the biggest new reactor construction build in the history of the sector,” said Mirco. “On the back of COP28, we had 31 countries commit to tripling their nuclear fleet by 2050.”

He pointed to significant commitments from major economies, including the US, which is targeting a fourfold increase in its reactor fleet by mid-century and aiming to build ten new nuclear reactors by 2030.

Further underscoring the shift, Mirco highlighted the World Bank’s decision to lift its ban on nuclear funding. “If you want to talk about a change in attitudes, that is certainly one thing to put your finger on,” he said.

Nuclear energy has also attracted the attention of trillion-dollar tech companies, which are increasingly seeking nuclear solutions to power hyperscale data centres.

While interest is growing rapidly in conventional reactors, Mirco said the development of small modular reactors (SMRs) was also gathering momentum, with about 70 companies in 20 countries currently working on over 90 SMR designs. “That will have a big impact as and when that starts to get some traction in the near future,” he said.

However, he warned that the surging demand for nuclear power – and by extension, uranium – would soon highlight a looming supply crunch.

“This all shines a light on one big, massive problem, and that is future supply,” Mirco said. “We are looking at exponential growth in new reactors and exponential growth in uranium demand – and the supply side is struggling to keep pace.”

He presented data from the latest TradeTech quarterly, showing that by 2030, global uranium requirements are expected to reach 185-million pounds a year. Existing production sits at 137-million pounds a year, and an additional 42-million pounds a year is expected from 25 new projects – assuming they all come online on time.

“But in mining terms, five years is tomorrow,” Mirco cautioned. “And to put this into context, only three conventional uranium mines have been built in the last 35 years.”

Moreover, other forecasts point to even higher demand. UxC estimates uranium demand in 2030 could range between 197-million and 248-million pounds a year, while most investment banks are around 230-million pounds a year, including Goldman Sachs at 225-million and Citibank at 233-million pounds a year.

“So, if we’re looking at 230-million pounds instead of 185-million, then the question becomes: is it 25 new projects that we need, or is it 40, 50, or 60?” Mirco asked. “And that really highlights just how difficult it will be to supply into this huge demand".

Much of the new supply is expected to come from small operations producing less than two-million pounds a year, many of which, he noted, were uneconomic at current uranium prices.

“If we look at some of these larger Canadian projects that are being touted, I think we really need to understand that these are technically very difficult, require lengthy environmental approval processes, and are very expensive. All of which is telling us there will be a shortfall in uranium going forward, and who knows where uranium prices will go.”

Edited by Creamer Media Reporter

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