The short version
Uranium's chain is short in tonnage and long in regulation. Conversion and enrichment exist at only a handful of sites worldwide, and every step is subject to international safeguards.
The narrowest link. Conversion and enrichment, not mining, are the bottleneck. Both are tightly held and dual-use.
DepositUnconformity or sandstone-hosted uranium
Uranium
MineCigar Lake or in-situ recovery
Cigar Lake
ProcessingYellowcake
Uranium
RefiningConversion and enrichment
Georges Besse II…
ComponentFuel assembly
Zirconium
End marketReactor
Nuclear Power
Stage by stage
01Deposit
Unconformity or sandstone-hosted uranium
The richest deposits sit where oxidised groundwater carrying dissolved uranium met reducing conditions and dropped its load.
02Mine
Cigar Lake or in-situ recovery
High-grade ore is cut remotely through frozen ground; low-grade sandstone ore is dissolved in place and pumped to the surface.
Note: In-situ recovery moves no rock at all.
03Processing
04Refining
Conversion and enrichment
U3O8 becomes uranium hexafluoride, then centrifuges raise uranium-235 from 0.7% to 3-5%.
Note: Enrichment needs fluorine — which comes from fluorspar.
05Component
Fuel assembly
Enriched uranium is pressed into ceramic pellets and sealed in zirconium alloy tubes.
06End market
