China Uranium Procurement: Reactor Pipeline, Offtake Strategy, and Supply Exposure

China ended 2025 with roughly 62 GWe of nuclear capacity in operation and a further large block under construction, the world's biggest build program by a wide margin. This report sets out the uranium requirement implied by that pipeline under three capacity scenarios for 2030 and 2035, and assesses how far existing channels close the gap. CNNC and CGN have assembled a coordinated procurement position spanning Kazakh equity and offtake, effective control of the operating Namibian uranium mines, and expanding domestic enrichment. Domestic mine output covers only a small share of annual feed, leaving China structurally dependent on imports and long-term contracts. The report evaluates concentration risk in that chain and whether strategic inventory and enrichment flexibility provide a credible buffer.