Uranium & Nuclear Fuel Supply Chain

Market concentration and chokepoints across mining, conversion, enrichment, fuel fabrication, and reactors

Nuclear fuel
value chain ↓

— Distribution —

Market actors →

🇺🇸USA

🇷🇺Russia

🇨🇳China

🇫🇷France

🇨🇦Canada

🇰🇿Kazakh.

🇰🇷S. Korea

Others

The WestRussia / China

EXTRACTION

Uranium Mining

WNA, 2024 production

—

24%

39%

—

28%

• Cameco

• BHP

• Orano

• Kazatomprom

• Uranium One

• CGN

PROCESSING

Conversion

U₃O₈ → UF₆

WNA, 2023–24 capacity

17%

26%

29%

21%

—

• Orano

• Cameco

• ConverDyn

• Rosatom

• CNNC

Enrichment

UF₆ → LEU

WNA, 2023–24 capacity

11%

44%

17%

12%

—

16%

• Urenco

• Orano

• Centrus

• Rosatom

• CNNC

MANUFACTURING

Fuel Fabrication

WNA, 2023–24 capacity

27%

18%

11%

17%

—

20%

• Westinghouse

• Framatome

• GNF

• KEPCO NF

• TVEL

• CNNC

END USE

Reactor Operation

GWe installed

IAEA PRIS, 2025

26%

15%

17%

—

25%

• Exelon/CEG

• EDF

• KHNP

• Tepco

• Rosatom

• CNNC

• CGN

Reactor Exports

units abroad

WNISR, 2025

63%

—

16%

• Westinghouse

• EDF

• KHNP

• Rosatom

• CNNC

Key chokepoints & investor context

Enrichment is the critical bottleneck. Russia holds 44% of global capacity — more than all Western enrichers combined. The US banned Russian LEU imports in 2024 (through 2040), but Western capacity won't close the gap until ~2028–30. SWU spot prices hit record highs of ~$170/SWU in 2024.

Russia is uniquely vertically integrated. Rosatom spans mining → conversion → enrichment → fuel fabrication → reactor construction → financing. No Western entity matches this. Cameco's $8.2B acquisition of Westinghouse (2023) was the closest attempt at building a Western counterpart.

China is building self-sufficiency. With 32 reactors under construction (half the global total) and growing domestic capacity at every supply chain stage, China is systematically reducing import dependency. CNNC enrichment capacity is expanding rapidly — watch the “China” column fill in over the next decade.

The US has gaps at every mid-stream stage. Scan the USA column: 1% of mining, 17% of conversion, 11% of enrichment. The US is the world's largest nuclear power consumer but relies almost entirely on imports for its fuel. Federal investment ($3.4B in LEU contracts, HALEU funding) is attempting to rebuild domestic capacity.

Publicly traded companies across the supply chain

Mining

CCJ — Cameco

KAP — Kazatomprom

NXE — NexGen Energy

DNN — Denison Mines

PDN — Paladin Energy

UEC — Uranium Energy

UUUU — Energy Fuels

Enrichment

LEU — Centrus Energy

SLX.AX — Silex Systems

Urenco & Orano are state-owned and not publicly listed

Fabrication / Integrated

CCJ — Cameco (owns Westinghouse)

GEV — GE Vernova (GNF JV)

BWXT — BWX Technologies

Reactors / Utilities

CEG — Constellation Energy

VST — Vistra

SMR — NuScale Power

OKLO — Oklo

Physical uranium vehicles: SRUUF / U.UN — Sprott Physical Uranium Trust | YCA.LSE — Yellow Cake plc

Uranium equity ETFs (hold miner shares, not pounds): URNM — Sprott Uranium Miners ETF | URA — Global X Uranium ETF | HURA.TO — Global X Uranium Index ETF

Sources: World Nuclear Association (2024–25), IAEA PRIS, US EIA Uranium Marketing Annual Report 2025, Euratom Supply Agency, OECD-NEA, Thunder Said Energy, Enerdata, World Nuclear Industry Status Report 2025. Figures are approximate market shares; each stage row shows the vintage of its own series. Enrichment “Others” includes Urenco facilities in UK, Netherlands, Germany and minor producers (Japan, Brazil). Mining “Others” includes Niger, India, South Africa, Ukraine, and other producers. This is not investment advice.

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