Why Uranium?
After years of limited investment, Europe is witnessing a significant resurgence in nuclear energy.
Overview
Powering Europe’s Energy Future
Europe is entering a new era of energy security. Rising electricity demand, geopolitical uncertainty, industrial decarbonisation targets, and the rapid expansion of AI-driven infrastructure are forcing governments to reconsider how reliable, affordable, and low-carbon power can be delivered at scale.
Nuclear energy is increasingly recognised as a cornerstone of Europe’s energy strategy. As the fuel that powers nuclear reactors, uranium is a critical resource underpinning the continent’s long-term energy independence, economic competitiveness, and climate ambitions.
From France and Sweden to the Netherlands, Poland, and the United Kingdom, governments are investing in new nuclear capacity, extending reactor lifetimes, and strengthening domestic energy supply chains. Across Europe, uranium is becoming a strategic commodity once again.
Growing electricity demand
Nuclear renaissance
Energy security
Net Zero
Strengthening European energy security
Recent energy crises exposed Europe’s vulnerability to external energy dependence. The disruption of traditional energy supply routes highlighted the importance of secure, domestic, and allied sources of critical energy resources.
Nuclear power offers a proven solution. Unlike intermittent energy sources, nuclear generation provides stable baseload electricity regardless of weather conditions, helping maintain grid stability while reducing carbon emissions.
For Europe, a secure uranium supply chain is increasingly viewed as an essential component of energy sovereignty and strategic resilience.
Why nuclear matters
- Reliable baseload
- Lower emissions
- Grid stability
- Energy independence
The European nuclear renaissance
After years of limited investment, Europe is witnessing a significant resurgence in nuclear energy. This renewed commitment reflects a growing consensus that nuclear energy is essential for achieving both energy security and climate objectives. Several European countries are actively expanding or strengthening their nuclear programmes:
- France
Investing in a new generation of reactors while extending the life of its existing fleet - Poland
Developing its first commercial nuclear power stations - United Kingdom
Advancing large-scale and small modular reactor (SMR) projects - Sweden
Announced plans to expand nuclear capacity to meet future electricity demand - The Netherlands
Committed to building additional reactors as part of its long-term energy strategy - Belgium
Reversed plans for an accelerated nuclear phase-out by extending reactor operations
Italy’s return to nuclear energy
Italy is undergoing its most significant shift in energy policy in decades. For a country that imports a significant proportion of its energy requirements, the renewed focus on nuclear power reflects a growing recognition that long-term energy security, industrial competitiveness, and climate objectives will require access to reliable, low-carbon baseload electricity.
As Italy repositions itself within Europe’s evolving nuclear landscape, secure access to uranium is expected to become increasingly important to the continent’s future energy strategy.
1987-2011
Historically, Italy phased out nuclear power following national referendums in 1987 and 2011. However, rising energy costs, increasing electricity demand, industrial competitiveness concerns, and the need for greater energy independence have prompted a major reassessment of nuclear energy’s role within the country’s future energy mix.
2025
In 2025, the Italian Government approved legislation designed to establish a comprehensive framework for the reintroduction of sustainable nuclear energy, with a particular focus on next-generation technologies such as Small Modular Reactors (SMRs), Advanced Modular Reactors (AMRs), and nuclear fusion research.
2026
In June 2026, Italy’s Chamber of Deputies approved a landmark nuclear framework law that would empower the government to develop the regulatory structure necessary for a new generation of nuclear projects. The legislation forms part of a broader strategy aimed at strengthening energy security, reducing dependence on imported energy, supporting industrial decarbonisation, and positioning Italian industry within emerging European nuclear supply chains.
2030s
The government’s stated objective is to see the first new nuclear facilities operational by the mid-2030s, while simultaneously investing in research, skills development, advanced reactor technologies, and the creation of a modern nuclear regulatory framework.
Rising demand in the age of AI
Europe’s digital economy is expanding rapidly. Data centres, artificial intelligence, cloud computing, semiconductor manufacturing, and advanced industrial processes are driving unprecedented growth in electricity demand.
Technology companies and governments increasingly recognise that achieving digital leadership requires access to large volumes of dependable power.
Nuclear energy provides one of the few scalable, low-carbon solutions capable of supporting this growth while maintaining energy security and grid reliability.
As Europe’s digital infrastructure expands, demand for nuclear-generated electricity—and therefore uranium—is expected to increase accordingly.
A strategic resource with limited supply
While demand for uranium is rising, global supply remains concentrated in a relatively small number of producing countries.
Years of underinvestment following the Fukushima accident led to reduced exploration and mine development, creating challenges for future supply growth. At the same time, Western governments are increasingly seeking secure, diversified sources of uranium from stable jurisdictions.
This combination of growing demand, constrained supply, and geopolitical realignment is reinforcing uranium’s status as one of the world’s most strategically important energy commodities.
Supply challenges
- Underinvestment
- Limited producers
- Geopolitical realignment
The Australian Paradox
8%
Global production
≈30%
Known resources
Zero
Domestic nuclear power
Australia offers one of the clearest examples of uranium’s strategic importance.
Despite possessing the world’s largest known uranium resources and being one of the world’s leading uranium producers, Australia does not operate a commercial nuclear power industry.
Federal legislation continues to prohibit nuclear power generation, even as Australian uranium helps fuel reactors across Europe, North America, and Asia.
Today, Australia supplies approximately 8% of global uranium production and holds nearly one-third of the world’s known uranium resources.
All Australian uranium production is exported under strict international safeguards agreements for peaceful civilian use.
This creates a remarkable situation where a country that prohibits domestic nuclear power has nevertheless built a globally significant uranium industry, supporting energy security and decarbonisation efforts around the world.
For Europe, the Australian experience demonstrates that uranium is much more than a fuel source – it’s a strategic export commodity, critical mineral, and a cornerstone of the global nuclear energy supply chain.
As Europe expands nuclear generation and countries such as Italy reconsider the role of nuclear power in their future energy mix, the need for secure uranium supply is likely to become increasingly important.
At the same time, Australia’s thriving uranium sector illustrates how nations can play a vital role in the nuclear value chain even without operating large domestic reactor fleets.
First-mover advantage
Largest known uranium district in Italy
Historic exploration
Established geology
Strategic European location
As Italy advances reforms to reintroduce nuclear energy, Novazza and Val Vedello offer a rare first-mover opportunity in a largely unexplored domestic uranium sector.
As Italy’s largest known uranium district, the project combines historical exploration, established geological knowledge, and strategic positioning within one of Europe’s most important industrial regions.
With few known uranium deposits in the country, early exposure to a potential domestic uranium supply source could become increasingly significant as Italy and Europe seek to strengthen energy security and nuclear fuel supply chains.