‘Carney recognizes the resource strength that Canada has,’ said Leigh Curyer
Michael Joel-Hansen
Saskatoon StarPhoenix
As Prime Minister Mark Carney looks to pass legislation to fast-track major projects, the chief executive of the company planning Canada’s largest uranium mine currently under development in northern Saskatchewan is hoping its project will be a beneficiary.
Leigh Curyer, chief executive of Vancouver-based NexGen Energy Ltd., which is working to develop the $2-billion Rook I Project in the Athabasca Basin in Saskatchewan’s Far North, said he’s optimistic about Carney’s plans to turn Canada into an “energy superpower” and speed up development of major projects.
“Carney recognizes the resource strength that Canada has,” he said.
To that end, the Carney Liberals have proposed Bill C-5, or the Building Canada Act, which aims to streamline approvals for large projects deemed in the national interest. The legislation further looks to establish a major projects office. Developments in the national interest wouldn’t be limited to energy projects, but also include highways, mines, railways, ports and nuclear facilities.
An accelerated timeline for approvals would benefit the Rook I Project. Though the development has been granted provincial approval, passed environmental reviews and the company has signed agreements with First Nations, it is still looking at a waiting period of around 14 months for final approval from the federal government.
Curyer said that kind of waiting period illustrates why Carney has taken the stance he has on getting projects developed quickly.
“You can see why Prime Minister Mark Carney came in with a one and done philosophy,” he said. “If it’s provincially approved, he would support approval of the project.”
Given the company’s due diligence and the approvals it’s received so far, Curyer said he believes Rook I is an attractive project for the federal government.
Growing uranium demand is another factor that makes the project attractive, he said, and the United States is placing growing importance on moving away from Russia and sourcing uranium from more friendly jurisdictions, such as Canada.
At the same time, global demand for uranium is expected to increase substantially over the next few decades, with more than 30 countries committing to tripling nuclear power generation capacity by 2050.
The world will require between 92,000 to 142,000 tonnes of uranium by 2050, according to the Organization for Economic Co-operation and Development’s Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA). That compares to the 59,000 tonnes of uranium the world’s active reactors used in 2023.
“The Rook I Project has the capability of producing approximately 25 per cent of the world’s uranium once it’s in production,” Curyer said.
Utilities are already stepping forward to sign purchase agreements from the project, with many interested in supply agreements for 2030 and beyond. Curyer said the first deals were signed in December 2024 and included five million pounds of sales to U.S. utilities. He added tariffs have not had an effect on sales to the U.S.
“I have been in the sector since 2002 and I’ve never seen demand at this level,” he said.
NexGen is set to get full approval to begin construction on the Rook I mine in 2026, after the federal Canadian Nuclear Safety Commission (CNSC) holds public hearings. The hearings are set to be held in November 2025 and February 2026. The final decision will be handed down 60 days after the last hearing.
Once final approval is granted, the company is prepared to start work almost immediately.
“We are ready literally the following week,” Curyer said.
On June 12, NexGen announced Saskatchewan granted the company additional approvals to expand exploration at the mine site. This includes adding more than 300 beds to the exploration camp, improving the access road and building a temporary air strip.
“These infrastructure enhancements create the conditions for a high-performing operational platform, capable of fully evaluating the significant resource potential across our Rook I property,” Curyer said.
Construction of the Rook I Project is expected to employ around 2,600 people and 1,400 people when completed. It will be licensed to extract 30 million pounds of uranium per year and pay $6 billion in royalty payments to the Saskatchewan government over 10 years. When complete, Rook I will be NexGen’s first operating mine facility.
Saskatchewan is currently home to two active uranium mines: Cameco Corp.’s Cigar Lake and McArthur River/Key Lake facilities. Both mines combined are expected to produce 18 million pounds of uranium in 2025.
Along with NexGen’s Rook I Project, Australia-based Paladin Energy Ltd. is working to develop the PLS Project, also located in the Athabasca Basin. That mine is expected to begin production in 2029, producing 90 million pounds of uranium over 10 years.
