Small Modular Reactors and Mining: Why SMRs Still Aren't on Miners' Shopping Lists

Small modular reactors look tailor-made for mining on paper: remote sites, heavy diesel use and rising power loads from electrification. Yet miners are not buying them. That was the conclusion of a June 18, 2026 MINING.COM analysis by Frik Els, which this article updates with named sources and the latest on Canada's first SMR build.

What the survey says

The MINING.COM piece draws on BMI's report Metals and Mining Megatrends to 2050. BMI surveyed the low-carbon energy technologies that miners are considering or investing in. Nuclear, including SMRs and advanced microreactors, came last, at below 10%. By comparison, just over 70% of miners surveyed were considering or investing in wind, solar and geothermal, and nearly 65% in battery or other storage. Almost half were looking at clean gas or synthetic fuels.

The article's explanation is practical. A solar farm, wind contract or battery sits inside a familiar commercial framework. Even a small reactor brings nuclear licensing, long approval timelines, site security, fuel supply, waste handling, emergency planning, community consultation and long-term liability. For companies under customer pressure to cut emissions soon, "waiting for SMRs is difficult to justify."

A size mismatch, except at the biggest mines

Many of the most advanced SMR designs are 300 MW-class units, far more than most standalone mines need. Microreactors of 1–20 MW are closer to mine scale but are still early in commercialization, the article notes. The exceptions are giant copper complexes in northern Chile. There, concentrators, desalination and high-altitude water pumping push demand into the hundreds of megawatts. MINING.COM cites Teck's Quebrada Blanca Phase 2, whose renewable contracts imply needs of a few hundred megawatts. It also cites BHP's Escondida and Spence contracts, which total 6 TWh a year, an average load of about 685 MW across the two.

Who is pushing nuclear for mining

The article names several groups:

• Canadian Nuclear Association: it has argued that SMRs could replace diesel at off-grid northern mines and supply heat for extraction.
• Cameco: in 2021 it signed agreements to evaluate fuel supply chains for SMRs, including GE Vernova Hitachi's BWRX-300 and X-energy's Xe-100.
• Eagle Energy Metals: it pairs uranium exploration with a micro modular reactor that it says could deliver up to 3.3 MW at mine sites.

But the buyers so far are utilities and technology companies, not miners. The article points to SaskPower, which is evaluating reactors with Cameco and Westinghouse and is expected to make a final investment decision in 2029. It also cites U.S. utilities and hyperscalers such as Google and Meta signing nuclear power deals.

Darlington: cost and timeline of the first BWRX-300

The most concrete SMR project in Canada is Ontario Power Generation's Darlington New Nuclear Project. It is planned as four GE Hitachi BWRX-300 units of about 300 MWe each, 1,200 MW in total (OPG, Darlington SMR). According to OPG:

• Cost: the first SMR will cost C$6.1 billion, plus C$1.6 billion for infrastructure shared by all four units. The total budget for four units is estimated at C$20.9 billion.
• Licensing: the Canadian Nuclear Safety Commission issued a Licence to Construct one BWRX-300 on April 4, 2025. Ontario approved construction on May 8, 2025. In March 2026 the CNSC cleared the hold point for the reactor-building foundation, and OPG applied for a Licence to Operate.
• Timeline: OPG's planning goal is to finish the first unit by the end of the decade and connect it to the grid by the end of 2030. Additional regulatory approvals are needed for units 2–4.
• Funding: the Canada Growth Fund and Building Ontario Fund agreed to an equity commitment in October 2025. In June 2026 the Williams Treaties First Nations announced a C$700 million investment.

For mining, Darlington's relevance is indirect. As MINING.COM puts it, Ontario's nuclear plan could boost uranium demand and eventually supply mining regions such as the Ring of Fire through the grid. "It does not mean miners are buying reactors themselves — not yet anyway." OPG's own supply contracts show the uranium link. Cameco will supply natural UF6 for the first unit's fuel.

The takeaway

For now, the nuclear angle for mining investors lies in the fuel, not in reactors at mine sites. A mine-site SMR would need a reactor sized to mine loads and a licensing path short enough to fit a mine's life. Neither exists commercially yet. Follow developments in our mining and energy and Canada coverage and our company profiles. For the fuel side, see our uranium section.

How we checked this: AI-drafted from the sources linked above and checked against them by our AI editor.