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Nuclear fission has drawn renewed attention in recent years, with the 2020s often described as the start of a “nuclear renaissance.” While the technology has been used to generate power since the 1950s, new construction and policy shifts are accelerating interest globally.
Even before the Iran war, the global pipeline included 75 new nuclear reactors under construction, with another 120 planned.
In the United States, the Department of Energy has set a goal to triple nuclear output by the middle of the century, including efforts to bring long-dormant reactors back online to meet energy demand from data centers.
Japan is reactivating its nuclear fleet after a decade of reduced activity. South Korea, which already generates about one-third of its power from 26 nuclear reactors, is planning two additional large reactors for completion by 2038.
China is expanding quickly, with 61 reactors in operation and 38 under construction.
France, by contrast, is described as taking a more limited approach because it already generates almost 70% of its electricity from nuclear energy and has been insulated from energy market volatility since the completion of the Messmer Plan in the 1990s.
Across these new and existing reactors, uranium is a key input for power generation. Cameco is highlighted as one of the world’s premier publicly traded uranium miners.
The company is also described as doing more than mining: it refines uranium and produces finished fuel rods. Cameco produced 14 million kilograms of finished fuel in 2025 and aims to produce about the same in 2026.
Cameco also benefits from reactors its fuel supports through its 49% ownership of Westinghouse via a joint venture with Brookfield Asset Management.
Westinghouse is an engineering company that produces the AP1000 reactor. The U.S. has two AP1000 units with another 10 planned. China has four AP1000 reactors with 14 under construction. India has selected it for six new ones, while Ukraine has contracted for nine, Poland for three, and Czechia and Bulgaria for two each.
The article notes that if India completes some AP1000 construction in the next couple of years, Cameco uranium would likely be used. In March, India and Cameco signed a $1.9 billion uranium ore purchase agreement under which Cameco will supply 22 million pounds of concentrated uranium ore between 2027 and 2035.
Cameco’s 2025 results are presented as a key indicator of performance. The company’s revenue grew 11% versus 2024, while earnings per share (EPS) increased 246% over the same period.
The article also cites a net profit margin of 16.93% and a debt-to-equity ratio of 0.14, describing the balance sheet as “healthy.”
Overall, the article frames Cameco as positioned to benefit from expanding reactor construction globally, uranium and fuel production capacity, and exposure to Westinghouse-linked reactor deployments, supported by specific delivery commitments such as the India agreement.
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