The U.S. uranium mining industry witnessed a remarkable resurgence in 2024, with yellowcake production skyrocketing to 700,000 pounds—a twelvefold increase from the previous year.
This dramatic reversal stems from multiple factors: the Russia-Ukraine war triggering a global energy crisis that boosted uranium prices, the Biden administration allocating $2.7 billion to expand uranium enrichment capacity, and the Trump administration’s recent ban on Russian uranium imports coupled with executive orders accelerating nuclear development.
Despite being the world’s largest nuclear power producer (30% of global capacity), the U.S. has long relied on imported uranium, with 98% of its needs met through foreign supplies. Domestic output accounts for less than 1% of global production. This dependency originated from 1980s policy shifts—reduced government support for uranium industries compounded by nuclear accidents that crashed prices and shuttered local mines.
The current policy reversal began three years ago: the global energy crisis revived nuclear interest, while surging electricity demand from AI data centers, clean energy manufacturing, and cryptocurrency mining forced an energy transition.
To boost U.S. nuclear capacity and self-sufficiency, President Trump proposed an ambitious plan aiming to quadruple nuclear output from 100 GW to 400 GW by 2050—equivalent to adding ~300 large reactors or thousands of small modular reactors (SMRs). While centered on deregulation, accelerated approvals, and capacity expansion, the plan faces multifaceted challenges:
To address these constraints, the U.S. Department of Energy developed thorium-based ANEEL fuel, offering: reduced waste, higher energy density (1 ton thorium ≈ 35–200 tons uranium), meltdown-proof design, and no weapons-grade byproducts. Initial safety tests at Idaho National Laboratory confirmed the fuel’s structural integrity at 25 gigawatt-days per metric ton burnup.
However, Trump’s 10% tariffs on Canada—supplying 40% of U.S. nuclear fuel—threaten to disrupt this vital supply link. As America races to revive its nuclear ambitions, the success of these efforts hinges on navigating resource limitations, rebuilding industrial capabilities, and mitigating geopolitical trade risks.
