US nuclear investment partnership and global energy implications
The strategic partnership between Westinghouse Electric Company (a subsidiary of Brookfield Asset Management and Cameco Corporation) and the US Department of Commerce supports the US President Donald Trump’s 23 May 2025 Executive Order to increase the United States’ nuclear capacity to 400 GW by 2050. The partnership also features strong collaboration with Japan, which has agreed to invest $100 billion in Westinghouse projects built in the United States, bringing together capital, technology and aligned policy frameworks to accelerate the deployment of advanced reactor designs.
Australia’s nuclear legislation and policy reform
While Australia does not currently generate nuclear power, the global momentum and partnerships among Australia’s key allies may intensify calls for policy reform. During the 2025 federal election, one of the key points of difference between the two major parties was their approach to Australia’s future energy security. The Liberal Party supported a ‘zero-emissions’ nuclear energy platform as part of its proposed solution to the looming domestic energy crisis.
The Liberal Party has continued with its policy platform to embed nuclear energy, together with gas and renewables, to ensure security of supply in Australia as part of its energy transition agenda. Most recently, that policy agenda has manifested itself through the Hon Jane Hume introducing the Environment and Other Legislation Amendment (Low Emissions Future) Bill 2025 (the Bill) into the Australian Senate on 29 October. The Bill seeks to lift the moratorium on nuclear energy in Australia, while requiring approval of projects by the Minister for the Environment.
These legislative and policy developments, alongside potential changes to uranium export regulations and consideration of small-scale modular reactor (SMR) deployment, signals the beginning of a shift in the national conversation. Australian miners, equipment suppliers and infrastructure developers are well positioned to benefit from rising global demand, strengthened trade corridors and the growing need for nuclear-adjacent critical minerals.
Rebuilding the nuclear supply chain
The renewed focus on nuclear energy extends beyond power generation. The United States’ focus on nuclear energy is fundamentally targeted at reinvigorating the entire nuclear supply chain, encompassing uranium mining, fuel processing, advanced manufacturing and regulatory and technical expertise. The global demand for low-carbon, reliable baseload power is surging due to multiple factors, including the increased growth of AI data centres, electrified transport and decarbonised industry. Through President Donald Trump’s announced nuclear agenda, the United States is positioning itself as both a producer and exporter of nuclear technology and expertise.
Opportunities for Australian mining and critical minerals
Australia holds about 28% of the world’s known uranium reserves and is the fourth-largest producer of uranium oxide. This accounts for approximately 8% of global uranium oxide supply, all of which is currently exported. With vast amounts of undeveloped resources, Australia could benefit significantly from this emerging development in the global energy transition. These developments and the involvement of Cameco, a leading uranium producer, in the partnership with the United States brings renewed attention to Australia’s uranium reserves, which are predominantly located in the Northern Territory, South Australia and Western Australia. Cameco Australia owns and operates the Yeelirrie project, where uranium was first discovered in 1972 – this project was approved prior to the 2017 ban on uranium mining in Western Australia.
Beyond uranium, modern nuclear reactors require a range of critical minerals, including zirconium, hafnium, rare earths and specialty steels. Australia’s rich geology, relative geopolitical stability and established mining sector uniquely position it to meet any uplift in global demand for uranium oxide and has the potential for opening opportunities for new processing hubs and technology partnerships. Strategic alignment with bilateral and multilateral allied nations could also enable Australia to move further downstream in the supply chain.
International investment and strategic partnerships
Japan’s participation in the United States’ reactor expansion signals potential for deeper investment by Japanese trading houses and utilities in Australian mining and energy projects, with broad bilateral cooperation emerging as a key theme at the recent AJBCC/JA/BCC conference held in Perth earlier this month. Long-term offtake agreements, sustainable and facilitative legislative and policy frameworks, together with traceable and responsible supply chains will be key to attracting capital inflows into Australia. The United States’ model of combining government funding, equity participation and streamlined regulation offers a potential framework for Australia to consider in structuring its own nuclear and critical minerals projects. However, in assessing that potential framework, Australia must ensure appropriate safeguards are in place so that domestic industries, particularly mining companies, are not left in unsustainable longer-term arrangements which are responsive to short-term politically motivated structures.
Nuclear power reframed as an investment opportunity
For institutional investors and sovereign wealth funds, nuclear power is being reframed as a viable, bankable asset class within the global energy transition policy framework. Key factors include government-backed de-risking, public–private capital structures and clear links to decarbonisation and energy security. This shift is already resulting in a re-rating of uranium and critical minerals equities, positioning Australian miners as strategic players in global asset portfolios.
Future in Western Australia
Western Australia, together with Victoria, Queensland and New South Wales (Queensland and New South Wales allow for exploration but not mining of uranium), has banned uranium mining since 2017. The announcements coming out of the United States last week and Liberal Party policy agenda increases the pressure on the Australian Labor government and, in particular, the Western Australian Labor government to reconsider the current ban on the development of new uranium projects. Western Australia could benefit significantly from increased project development and investment in the state and revenues generated by increasing exports of uranium to its strategic global partners, such as the United States and Japan. The potential still remains for domestic investment and the potential roll-out of nuclear power as part of the energy transition in Australia.
In a recent interview with 9News Australia Premier Roger Cook said “we continue to work with the industry around what their expectations and what the future potential for these things are” but it would take a “significant shift in the global market” to open this issue up for further consideration. To date, the Western Australian government has taken a “watch and see” approach to uranium mining.
With the surge in prices of uranium, Cameco’s interest in the United States partnership and the broader implications of last week’s announcements suggest that a significant shift in the global market has already occurred. While there is no open market for the price of uranium Cameco’s published spot price of the commodity shows a significant increase in the spot price since 2021, with an increase of almost 300% to the price.
If policy settings were to evolve, an increase in uranium mining activity could present opportunities for economic growth and further participation in global decarbonisation and energy security efforts. By way of example, the WA Chamber of Minerals and Energy estimates allowing the four proposed uranium projects in Western Australia that were approved prior to the 2017 ban (being Wiluna, Kintyre, Mulga Rock and Yeelirrie) to progress would produce more than $1 billion in annual exports, creating approximately 9000 jobs and generating $50 million in royalties.
What this means for Australia
The recent announcement from the United States could mark a global nuclear energy revival that extends beyond international energy transition – it represents a strategic initiative for industrial development and geopolitical positioning. For Australia, it underscores the importance of aligning domestic policy settings with global developments, strategic partnerships and investment in the minerals and expertise that will drive the next generation of energy sources powering the world’s energy transition. As the race for secure, low-carbon energy accelerates, Australia’s role in the global nuclear supply chain is set to become increasingly important. The question remains: is Australia ready for a uranium mining and nuclear energy policy change?