Nuclear Power's 10X Fuel Chain Problem - Cameco (NYSE:CCJ)

A Benzinga report argues that the planned nuclear expansion—targeting U.S. capacity of 400 gigawatts by 2050—may require far more than new reactors. Christo Liebenberg, co-founder and president of uranium enrichment firm LIS Technologies, says the fuel supply chain could need to grow roughly 10x to support a 3x or 4x increase in nuclear power. He highlights that investors may confuse uranium availability with usable reactor fuel, pointing to heavy foreign dependence in enrichment. In 2025, U.S. operators bought separative work units with 77% from foreign-origin suppliers, including 26% from Russia. The U.S. Department of Energy has committed $2.7 billion to rebuild domestic enrichment capacity, while a GAO report warns HALEU supply may not meet near-term advanced reactor demand.