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[Brazil Plans to Open Uranium Mining to Private Capital, State-Owned Nuclear Energy Companies Must Hold at Least 20% Stake] ⑴ The Brazilian government is considering a major reform in the nuclear fuel sector. A draft regulation indicates plans to open uranium mining to private capital, allowing state-owned enterprises to partner with private companies to participate in the entire chain of exploration, mining, processing, and sales of uranium and other nuclear minerals. ⑵ According to the proposal, state-owned nuclear energy companies, which currently monopolize Brazil's nuclear fuel cycle, will be allowed to conduct open tenders for joint mineral exploration projects. However, they must retain at least 20% equity in each project to ensure the state's core control over strategic resources. ⑶ The plan is currently under review by the Presidential Office and the Ministry of Mining and Energy. Further adjustments are possible, and the final version will depend on the outcome of negotiations among the parties involved. ⑷ Brazil possesses the world's sixth-largest uranium reserves. Previously, this sector was exclusively controlled by state-owned capital. Opening it to private capital is expected to introduce new exploration technologies and funding, accelerating the commercial development of domestic uranium resources. (5) Global nuclear energy demand continues to rise against the backdrop of energy transition, and uranium prices have remained strong in recent years. Brazil's move may reshape the international nuclear fuel supply chain and attract global mining and energy capital to South American uranium assets. (6) If the draft is ultimately passed, Brazil will transform from a closed market for uranium mining to an open and cooperative market. This has positive implications for the diversification of global uranium supply. However, it is also necessary to pay attention to whether the regulatory framework can strike a balance between attracting investment and protecting national strategic interests.