The uranium fuel cycle consists of seven stages: mining/extraction, milling (crushing to yellow cake), conversion (to UF6 gas), enrichment (cascading centrifuges raising U-235 from 0.71% to 3-5%), fabrication (into pellets and fuel rods), and use in reactors; each stage is dominated by a small number of countries with high regulatory barriers.
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Speaker
Ben FineoldEvidence Quote
“the fuel cycle conversion, enrichment and fabrication, these are only really done by six countries globally... There's a huge moat around this around these businesses.”
Created: 8/11/2026, 6:58:12 AM
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