Nuclear Energy and the New Demand for Uranium
The global uranium market is entering a phase of structural deficit. After a decade of underinvestment, supply is no longer keeping pace with rising demand from nuclear power, data centers, and artificial intelligence infrastructure.
Against this backdrop, Kazatomprom, the world’s largest uranium producer, holds a uniquely strong position in the global supply chain. The company accounts for around 40% of global production, has one of the lowest cost bases in the industry, and maintains solid financial performance even amid temporary operational constraints.
Rising uranium prices, long-term contracts from Big Tech, China’s and India’s plans to significantly expand nuclear capacity, and countries’ COP28 commitments are shaping a multi-year investment cycle for the sector. This analytical note explains why the current environment may not be a cyclical spike, but the start of a sustained long-term trend.
Read the full Teniz Capital Investment Banking analytical report here.
This material does not constitute investment advice. A substantial portion of a portfolio should be allocated to fixed-income debt instruments. However, given clients’ interest in equities, we provide analytical reviews without a recommendation to buy.