Five entities spanning Kazakhstan's uranium mines, Russia's enrichment cascades, and next-generation reactor designs determine nuclear energy security, commodity prices, and proliferation risk.
Uranium is the raw fuel of every commercial nuclear reactor, with Kazakhstan, Canada, and Australia controlling supply chains that underpin civil energy and proliferation risk worldwide.
full dossier ›The process that raises uranium's fissile U-235 concentration for reactor fuel or weapons, a dual-use chokepoint central to the Iran nuclear standoff and Russia-West fuel decoupling.
Kazakhstan's state uranium miner supplies roughly 40% of global primary uranium, making it the single largest swing factor in world uranium prices.
Nuclear reactors up to 300 MWe per module, factory-built for speed; the United States, United Kingdom, and China are racing to commercial operation as AI data centres create demand.
The world's top uranium miner lifts production on the Budenovskoye ramp while holding nominal output ~10% below earlier plans
Spot prices stall on muted utility buying even as mine restarts slip and the long-term reactor-fuel gap widens
DOE task orders to Centrus, General Matter and Orano, plus Urenco's New Mexico expansion, aim to replace Russian LEU before the 2028 waiver cliff