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Leigh Curyer

Leigh Curyer

CEO
NexGen Energy
25 October 2024

Can you give a brief overview of NexGen's operations in the uranium sector?

NexGen was founded in 2011 and is currently developing the world’s largest, highest-grade uranium project, which is in its final phase of approval. Once approved, construction will take about 42 months, and after that, we’ll be producing approximately 25% of the world's uranium supply. Our Rook-1 project is poised to play a critical role in the global uranium market and help address the increasing demand for clean, reliable energy.

Why did you found NexGen, and how did you transition into the uranium sector?

My background is in finance—I started out as a chartered accountant and then moved into corporate. My first experience in the mining sector came in 2002 when I served as CFO for a small uranium company in South Australia, guiding it through permitting and feasibility before it was sold in 2006. After some time in private equity, I founded NexGen in 2011. We began exploring in 2013, and in 2014, we discovered the Arrow Deposit on our Rook-1 Project. This discovery laid the foundation for what is now the most significant uranium project in the world 

How is uranium mining relevant to the green energy transition?

The world is demanding more energy, and clean baseload energy is essential. Burning fossil fuels contributes significantly to global pollution and lowers the quality of life. Nuclear energy provides the lowest-cost, clean baseload power once reactors are operational. It's incredibly reliable and emits no carbon, making it an essential part of any country's energy mix if they want a carbon-free environment. Nuclear energy generation is at an all-time high, and many developed countries are expanding their nuclear capacity. However, the current uranium supply faces technical and sovereign risks, especially with 45% of the world's uranium coming from Russia and Russian-influenced countries. Given the supply risks and the growing demand for nuclear energy, the world urgently needs new uranium mines in the West.

How does the supply-demand gap in uranium mining affect the global market?

The global uranium market is currently facing a significant supply-demand imbalance. The world currently consumes just under 200 million pounds of uranium per year and is growing rapidly, but mine production is only around 140 million pounds annually. Of that, 45% comes from Russia or Russian-influenced countries like Kazakhstan, creating a sovereign risk for global uranium supply. This gap is expected to widen, with a shortfall of around 60 million pounds per year now and projections that it could exceed 100 million pounds annually by the end of the decade. New mines in the West are urgently needed to meet this demand, but the development process for new mines is long and complex.

Why is nuclear energy still facing opposition, despite its efficiency and low emissions?

Nuclear energy has historically faced opposition due to misinformation and political ideologies rather than science. However, education around the benefits of nuclear energy is improving. The European Union conducted a comprehensive study in 2019, concluding that nuclear is clean, green, and safe. Public perception is shifting, particularly among younger generations. For example, in Australia, the 18-36 age group, which are environmentally conscious, is showing growing support for nuclear energy. The dangers of fossil fuel pollution, which the World Health Organization estimates cause over a million deaths annually in Shanghai alone, are becoming more widely understood. Nuclear energy is essential for any balanced, clean energy policy.

How is NexGen scaling up to meet the growing demand for uranium?

Our primary focus is on getting the Rook-1 Project into production by the latter part of this decade. Once operational, it will produce up to 30 million pounds of uranium per year, which is about 25% of the world’s mine supply. To put that in perspective, that’s twice the percentage of the world’s oil supply produced by Saudi Arabia. After Rook-1 is up and running, we’ll look to scale further with our Patterson Corridor East project, which is just 3.5 Km from our Arrow Deposit, and has similar potential based on mineralization discovered to date. But our immediate priority is delivering Rook-1 successfully.

What impact could uranium production from Rook-1 have on Western energy autonomy and defense, given geopolitical tensions?

While NexGen focuses solely on uranium production for civilian uses like power generation and medical isotopes, the geopolitical risks surrounding uranium supply are significant. Most of the world’s uranium comes from Russia and Russian-influenced countries, so new mines in the West, like Rook-1, are essential for energy autonomy. The project will give Western countries more control over their energy supply, reducing reliance on risky sources.

Will cheap, reliable energy be the key issue for the West in the coming years, especially in the context of nuclear energy?

Absolutely. In fact, the cost of energy is already a major issue in countries like Australia, where heavy investment in wind and solar hasn’t translated into lower energy costs. Nuclear energy is clean, reliable, and, once established, provides the cheapest baseload power. It’s also critical for raising living standards—cheap and reliable energy is essential for economic growth and innovation. As the cost of living becomes a central political issue, we’ll see accelerated adoption of nuclear power, which will play a major role in the future energy mix.

How long will it take to fully implement nuclear energy infrastructure, and what will happen to other energy sources?

The immediate focus will be on extending the lives of existing reactors, particularly in the U.S., and bringing back idle reactors online. In countries like China, France, and the UK, new reactors are being built at a rapid pace. The small modular reactors (SMRs) expected to roll out by the end of the decade will also play a significant role. However, transitioning to a full nuclear energy infrastructure will take time, and until then, we’ll still need a mix of energy sources. Once more nuclear capacity is online, it could reduce reliance on other sources like wind and solar, but those will still have a role to play in the energy mix.

How do small modular reactors (SMRs) fit into the future of nuclear energy, particularly regarding safety?

Nuclear energy is already extremely safe, but SMRs address some of the concerns people have, especially those who aren’t familiar with the science. SMRs offer more flexibility and can be deployed in a wider range of locations. For example, in Australia, a small reactor in Lucas Heights has been operating safely in the middle of suburban Sydney for years, generating medical isotopes and doing research. With SMRs, we can expect to see increased adoption of nuclear power in regions that have been hesitant in the past, like Australia, where nuclear energy is now gaining significant political momentum.