China's Global Uranium Pursuit: Securing the Nuclear Fuel Cycle

U₃O₈ Spot Price: ~$86–87 /lb | Long-Term Contract Price: ~$86 /lb

The Apr–May 2026 spot price range sits at approximately $86–87 per pound, against an IMF FRED benchmark of $68.79 for March 2026 and futures trading at approximately $85–87 in late April 2026. The long-term contract price has risen from approximately $80 to $86 over the course of 2025, according to Uranium Insider and INN analysis from December 2025.

Executive Summary: China’s “One-Third” Doctrine

China is executing a state-directed uranium acquisition strategy at scale. Through CNNC/CNUC and CGN/CGN Mining it now controls majority stakes in two of the world’s largest operating uranium mines, holds a 49% joint venture in Kazakhstan, and has locked in offtake rights over future Canadian production — all driven by a reactor build programme targeting 110 GWe by 2030 that makes overseas uranium equity structurally non-negotiable.

China’s uranium procurement strategy is formally governed by its “Two Markets, Two Resources” policy, originating in the 1990s, which aims to source one-third of uranium domestically, one-third through foreign equity and joint ventures, and one-third through open-market purchases. As China’s reactor fleet has grown to 58 operable reactors (56.93 GWe) with a further 32 units under construction (34.2 GWe) as of mid-2025, the pressure to execute that foreign equity mandate has become structurally urgent.

The two principal vehicles for overseas uranium acquisition are China National Nuclear Corporation (CNNC), through its listed subsidiary China National Uranium Corporation (CNUC, SZSE: 001280), and China General Nuclear Power Group (CGN), through its Hong Kong-listed subsidiary CGN Mining Co. Ltd (HK: 1164). Together, these entities control operating mines in Namibia and joint venture stakes in Kazakhstan and hold offtake rights over future Canadian production. China’s third nuclear SOE, State Power Investment Corporation (SPIC) — which absorbed SNPTC in 2015 — operates as a reactor builder and operator; no overseas uranium mining equity equivalent to CNNC or CGN was identified in the sources reviewed.

China’s 15th Five-Year Plan (2026–2030), approved in March 2026, targets 110 GWe of nuclear capacity by 2030, up from approximately 62 GWe at end-2025. With 2024 uranium demand estimated at approximately 13,000 tU and record nuclear fuel import spending of approximately USD 5.8 billion in 2025, the overseas infrastructure described in this report is structural, not opportunistic.

Corporate Architecture: China’s Three Nuclear SOEs

Three state-owned enterprises supervised by SASAC control China’s civilian nuclear industry, each with a distinct role in the uranium supply chain.

CNNC — China National Nuclear Corporation | Listed uranium arm: CNUC (SZSE: 001280)

CNNC is China’s oldest and most vertically integrated nuclear group, covering the full fuel cycle from uranium mining through reactor design, construction, operation, and spent fuel management. Its principal uranium vehicle is China National Uranium Corporation (CNUC), which listed on the Shenzhen Stock Exchange (SZSE: 001280) on 3 December 2025, raising CNY 4 billion (approximately USD 570 million) and tripling in value on its first trading day. CNUC controls 19 domestic mining licences and 6 exploration permits and holds the 68.62% majority stake in Namibia’s Rössing mine. CNNC’s key reactor designs are the Hualong One (HPR1000) and the Linglong One small modular reactor.

Key figures: The listed subsidiary is China National Uranium Corporation (CNUC, SZSE: 001280). Its IPO took place on 3 December 2025 on the Shenzhen Stock Exchange, raising CNY 4 billion (approximately USD 570 million). The key overseas asset is a 68.62% stake in Rössing Uranium, Namibia, acquired in July 2019. CNUC holds 19 domestic mining licences plus 6 exploration permits.

Sources: INN December 2025; Rio Tinto filings November 2018 and July 2019; WNA China Nuclear Fuel Cycle; World Nuclear News.

CGN — China General Nuclear Power Group | Listed mining arm: CGN Mining Co. (HK: 1164)

CGN is China’s second-largest nuclear group and the dominant Chinese entity in overseas uranium equity ownership by production volume. Its HK-listed subsidiary CGN Mining Co. Ltd (HK: 1164) owns 90% of the Husab uranium mine in Namibia — the world’s third-largest uranium producer by design capacity — and holds a 49% stake in Kazakhstan’s Ortalyk LLP, acquired from Kazatomprom for USD 435 million in July 2021. CGN Mining also holds approximately 19.9% equity in Fission Uranium Corp with offtake rights over Patterson Lake South.

Key figures: The listed subsidiary is CGN Mining Co. Ltd (HK: 1164). Key overseas assets include a 90% stake in the Husab mine in Namibia (acquired for USD 2.2 billion in 2012), a 49% stake in Ortalyk LLP in Kazakhstan (acquired for USD 435 million in July 2021), and approximately 19.9% equity in Fission Uranium (TSX: FCU) with associated offtake rights. CGN also holds a 49% interest in the Ulba-FA LLP fuel assembly fabrication joint venture alongside Kazatomprom (51%).

Sources: The Extractor Magazine August and October 2025; Kazatomprom 4Q21 Update; Energy Intelligence September 2021; WNA; WNN.

SPIC (incorporating SNPTC) — State Power Investment Corporation

SPIC was formed in June 2015 through the merger of China Power Investment Corporation (CPI) and State Nuclear Power Technology Corporation (SNPTC). SNPTC now operates as a wholly owned SPIC subsidiary. SPIC is China’s third licensed nuclear plant operator, responsible for deploying the AP1000-derived CAP1000 and CAP1400 (Guohe One) reactor designs. SPIC’s primary role in the nuclear fuel chain is as a reactor operator and builder, with no overseas uranium mining equity stakes or named offtake agreements equivalent to those held by CNNC/CNUC or CGN/CGN Mining identified in the sources reviewed for this report.

Key figures: SPIC was formed in June 2015. SNPTC is a wholly owned subsidiary. SPIC operates approximately 8 reactors (AP1000/CAP1000/CAP1400) with total installed capacity across all energy types exceeding 272 GW as of August 2025. Its export reactor is the CAP1400 (Guohe One), proposed for Turkey’s Thrace site.

Sources: WNA China Nuclear Power; Enerdata Nuclear Brief; Nuclear Business Platform.

SOE Role Summary

CNNC/CNUC functions as a mine owner and full fuel-cycle integrator, holding the Rössing 68.62% stake and Kazakhstan joint ventures, with named offtake agreements with Kazatomprom (October 2024), and operating reactors. CGN/CGN Mining holds the largest Chinese overseas uranium equity position by production volume — the Husab 90% stake, the Ortalyk 49% stake, and the Fission Uranium ~19.9% equity with offtake — and operates reactors under the Hualong One design. SPIC, including SNPTC, operates approximately 8 reactors and builds the CAP1400 design, but no overseas uranium mining equity or offtake agreements were identified for this entity in the sources reviewed.