Paladin leads uranium rally after Meta strikes nuclear deal with Constellation
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The news: Shares in Australian uranium miners rocketed in early trading after Facebook parent Meta Platforms announced a 20-year nuclear energy agreement with Nasdaq-listed Constellation Energy.
The numbers: Uranium miners Paladin (7.9%), Deep Yellow (5.9%) and Boss Energy (5.5%) were each among the best performing ASX 200 companies at 11:20am AEST.
The surge came after Meta agreed to buy 1,121 megawatts of nuclear energy from Constellation's nuclear plant in Illinois.
The context: The agreement marks Meta's first such deal with a nuclear power plant, as it seeks to power its data centres with "100% clean and renewable energy".
Last year, Baltimore-based Constellation signed a separate 20-year power purchase agreement Microsoft, which, like Meta, is investing heavily in AI infrastructure.
What they said: "As we look toward our future energy needs in advancing AI, we recognize the immense value of nuclear power in providing reliable, firm electricity, and the role nuclear projects can have in supporting local economies and strengthening America’s energy leadership," Meta said in a statement.
The source: Meta media release
