BHP and NexGen Energy are in regular contact over the Rook I uranium project in Saskatchewan, Canada. NexGen CEO Leigh Curyer confirmed to Reuters that an open dialogue is underway with the Australian mining giant, involving a continuous exchange of technical information and a potential equity stake that remains firmly on the table.
The mine took its first concrete steps in August 2026, when NexGen began construction on the site. The target is to start production by 2030. The scale of the project is significant: once operational, Rook I could produce up to 30 million pounds of U3O8 per year, placing it among the world’s largest uranium mines. The Canadian Nuclear Safety Commission granted the construction licence in March 2026, completing the regulatory process that began with provincial environmental approval in 2023.
To fund the work, NexGen is aiming to raise one billion dollars within the next nine months. Options under consideration include prepayment agreements with electric utilities, debt financing, and direct equity investment in the project. It is in this context that talks with BHP take on particular significance — BHP has already acquired a substantial tract of land adjacent to Rook I in the Athabasca Basin. News of the negotiations, first reported by Reuters, sent NexGen’s share price up more than 7% in a single session.
The Athabasca Basin in Saskatchewan is home to the world’s most important high-grade uranium reserves. BHP knows the territory well: in the same province, it is building what is set to become the world’s largest potash mine. Former CEO Mike Henry had already initiated a review of NexGen the previous year; new chief executive Brandon Craig has confirmed his intention to assess opportunities in the uranium sector. NexGen’s market capitalisation has doubled over the past year, reaching approximately CAD 9.68 billion — a factor that some analysts believe could make any potential acquisition considerably more expensive.
Underpinning all of this is demand. Canaccord projects that global uranium requirements will triple by 2035 compared to 2025 levels. The World Nuclear Association forecasts 28% growth by 2030 and a doubling by 2040. BHP is already feeling the benefits of the nuclear market today: in fiscal year 2026, by-products from its copper segment — including 3,600 tonnes of uranium — contributed to by-product revenues of USD 4.5 billion, up 45%.
Should BHP decide to take a stake in Rook I, or acquire NexGen outright, it would gain direct control over one of the planet’s most strategically important deposits at precisely the moment when demand for nuclear fuel is beginning to accelerate in earnest. The outcome remains uncertain, but the signals that the two groups are building something well beyond a simple technical exchange are growing harder to ignore.
