Yesterday Nuclear stocks rally as top U.S. uranium producer unveils plans to boost capacity
Uranium producers including Cameco (CCJ) and Energy Fuels (UUUU) surged in Tuesday’s trading as Urenco USA, the only commercial-scale nuclear fuel producer in the U.S., announced plans to expand capacity to make enriched uranium by nearly 50% through a multibillion-dollar expansion project.
Tallying big gains: Ur-Energy (URG) up 22.8%, Uranium Energy (UEC) up 13.6%, Energy Fuels (UUUU) up 10.9%, Oklo (OKLO) up 9.8%, NexGen Energy (NXE) up 9.1%, Nuscale Power (SMR) up 8.2%, Cameco (CCJ) up 7%, Denison Mines (DNN) up 7%, Centrus Energy (LEU) up 5.3%, Lightbridge (LTBR) up 5%, Nano Nuclear Energy (NNE) up 2.9%.
The British, Dutch, and German consortium said it plans to expand its enrichment facility in Eunice, New Mexico, installing 2.1M separative work units of annual enrichment capacity using gas-centrifuge enrichment from its existing capacity of 4.3M SWU.
Urenco’s facility, which will produce low-enriched uranium that is enriched up to 5% and used in today’s reactors, said it plans to install 24 cascades of centrifuges, with the initial ones operational starting in 2032 and additional ones installed through 2036.
While Russia dominates the global market for uranium — the country supplied ~20% of U.S. demand two years ago — the U.S. banned imports of Russian uranium in 2024, although there are allowances for limited waivers until 2028.
Also, U.S. regulators gave permission to turn the Three Mile Island nuclear power plant back on.