Clock ticking on Sweden's uranium ban as Europe bets on the power of the atom
It's proposed regulating uranium as a 'concession mineral,' aligning it with other extractable resources and setting the stage for legislation by January 2026
Lifting the uranium ban could position Sweden as a leading destination for global uranium exploration with Aura Energy and Basin Energy poised to benefit
The clock is ticking on Sweden's uranium mining ban amid a nuclear revival underway across Europe in response to increasing pressure for low-carbon energy and stronger energy independence.
In February, Sweden's Climate and Environment Minister Romina Pourmokhtari led an inquiry into lifting the 2018 uranium ban that has kept mining companies from exploring the country's rich, untapped reserves for the past seven years.
It recommended uranium be regulated as a 'concession mineral' under the Minerals Act, allowing economic deposits to be exploited like other natural resources in the country and paving the way for legislation to enter into force by January 2026.
It aligns with a broader trend across Europe, where nations like Belgium, Germany, France, Slovakia, and Spain are delaying or rolling back nuclear phase-outs in favour of pursuing new nuclear technologies such as small modular reactors (SMRs).
As it stands, more than a quarter of Europe's known uranium reserves are found in Sweden's bedrock.
The country produces ~30% of electricity from six active nuclear reactors and plans to construct a further 10 over the next 20 years in efforts to decarbonise Sweden's electricity.
Ending the uranium moratorium could position Sweden among the world's top destinations for uranium exploration, reducing its reliance on imports and boosting the country's mining sector by creating jobs and attracting investment.
Uranium winners emerge
Aura Energy (ASX:AEE) stands out as one of the few companies to gain from the regulatory shift.
Its Häggån deposit, situated within Sweden's AlumShale uranium district, is one of the largest undeveloped uranium resources globally with an inferred resource of 800Mlbs of contained U3O8.
It has partnered with Australian public company Neu Horizons Uranium to speed up project development and collaborate on initiatives such as government engagement, uranium extraction and processing and administrative activities to streamline operations.
Aura will invest $100,000 for a minority stake in Neu Horizons, with the two companies set to organise a uranium-focused symposium in Stockholm this year to encourage dialogue with international investors and policy makers.
Neu Horizons holds a portfolio of high-potential uranium projects in Sweden, including the Vilhelmina shale-hosted asset adjacent to Canadian-based District Metals' Tåsjö project.
Its Ravenberget asset spans over 12,000ha and contains uranium mineralisation discovered by the Swedish Geological Survey (SGU) in the 1970s with rock chip samples grading up to 1.88% U308, while the Gillberget project targets uranium-rich boulder and outcrop occurrences identified in the early 1980s.
Aura was invited to provide a supporting submission for the removal of the mining ban, which remains subject to parliamentary approval with no guarantee that it will be enacted.
In an interview with Stockhead, AEE managing director Andrew Grove said the market is gradually waking up to the scale of uranium resources in Sweden and the potential value that exists for those companies which hold them.
'Haggan alone hosts over three hundred years of Sweden's current domestic consumption of uranium,' he said.
'By allowing the extraction of uranium, the country is aligning its minerals policy with its energy policy.
'It has the potential to become a new regional or global supplier given it hosts Europe's largest uranium resources – the scale of its resources is way beyond covering its domestic needs.'
Changing rules put Basin Energy in better position
Basin Energy (ASX:BSN) is another company expected to benefit.
It recently expanded its landholding in northern Sweden to 219km2 by securing an additional licence for the Trollberget project, effectively doubling its exploration area in the Arvidsjaur-Arjeplog district.
Situated in northern Sweden, the asset is located right in the middle of Basin's other two projects – Björkberget and Rävaberget.
Its other project, Virka, has yielded up to 1.43% U308, 9.8% zinc, 9.15% lead and 0.34% copper in rock chip assays, about 8km from historical drilling results, highlighting the polymetallic potential of the area.
By revisiting legacy geological data and applying advanced multielement analysis to core samples, the company hopes to gain new insights into potential overlapping mineralisation systems.
So far, Basin has completed the logging of all holes identified from Virka, along with 28 priority drillholes out of 39 at Bjork.
There are currently 137 samples from Bjork at ALS Laboratory from key intervals undergoing analysis.
Core samples are being analysed with multi-element analysis to continue evaluating the potential for green energy metals at the company's North Sweden projects.
Following the Swedish government's proposal to lift the uranium mining ban, the company sees greater upside potential in its assets.
Aura eyes permit reapplication
If the Swedish uranium mining ban is lifted, Grove said the next step for Aura Energy would be to reapply for an exploration permit for a mine, which includes uranium as well as vanadium and other metals.
'A full feasibility study will need to be undertaken and then it would need go through environmental permitting and mining approvals, followed by a period for construction,' he said.
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