The growing energy demand of artificial intelligence artificial intelligence is leading tech giants to explore an unusual avenue: backing uranium mining projects.
NexGen Energy CEO Leigh Curyer revealed that his company has entered into preliminary discussions with providers of data center interested in financing the Rook I project, a mine located in Saskatchewan. This development could become a key source of nuclear fuel to supply future power plants needed to sustain AI infrastructure.
Artificial intelligence forces a shift to nuclear power
The accelerated growth of data centers, driven by the advancement of AI models, is straining traditional power grids. Technology companies, aware of the high electricity consumption of these digital infrastructures, are looking to secure supply through investments in stable, low-emission sources, such as nuclear power.
Curyer compared this move to what happened in the automotive sector, when electric vehicle manufacturers decided to finance lithium production to guarantee the supply of batteries. According to the executive, a similar pattern is now being repeated in the technology sector, but with uranium as a strategic resource.
Nexgen expects green light for Rook I by mid-year
The project Rook I project has already passed key milestones, including obtaining a key mining permit. NexGen is confident of receiving final approval from the Canadian government before June, which would pave the way for closing a financing package in the second quarter of 2026.
With an estimated capacity to supply up to 22% of global uranium demand, Rook I could start production in 2030. Current discussions with data center suppliers include long-term supply agreements, without giving up control over the company, Curyer said.
Uranium price influences decision making
The value of uranium has experienced a remarkable climb, reaching $88 per pound in February, after having surpassed $100 at the beginning of the year. This rally has been driven by the renewed interest of countries such as China and India in developing nuclear power as part of their strategy of decarbonization strategy.
In this context, NexGen seeks to maintain flexibility to capitalize on future ore prices.
We are considering all options, but maintaining leverage on the uranium price at the time of delivery.
The CEO noted.
Data centers, key players in the digital energy chain
The possible participation of data centers in the financing of mines marks a change in the value chain of the energy sector. It is no longer just about buying energy, but about securing at source the resource needed to sustain the digital infrastructure of the future.
With an eye on 2030, NexGen and technology majors could redefine the investment map in energy resources, consolidating an alliance between mining, technology and sustainability.
Source: Reuters
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