ASP Isotopes’ bold leap: Powering SA’s nuclear future with TerraPower
ASP Isotopes teams up with Bill Gates’ TerraPower to build a cutting-edge uranium enrichment plant in Pelindaba, positioning South Africa as a global nuclear fuel hub. Alongside a strategic acquisition of helium-rich Renergen and a JSE listing, CEO Paul Mann unveils a vision to transform SA into a critical materials leader, sparking thousands of jobs and delivering innovative energy solutions worldwide.
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Highlights from the interview
In a game-changing development for South Africa’s energy and industrial sectors, Paul Mann, CEO of ASP Isotopes, has confirmed the formalisation of a landmark deal with Bill Gates–backed TerraPower. The agreement greenlights the development of a new uranium enrichment plant at Pelindaba, near Pretoria - positioning South Africa as a global leader in the production of high-assay low-enriched uranium (HALEU), a fuel essential for the next generation of nuclear reactors.
The deal represents not only a massive technological leap but also a significant vote of confidence in South Africa’s infrastructure and regulatory competence. “There is no other country in the world that can supply this fuel in the time it’s needed,” Mann told Alec Hogg in an exclusive BizNews interview. “Pelindaba is plug-and-play. It would take the US ten years to replicate.”
The urgency of nuclear innovation
Traditional nuclear reactors use low-enriched uranium (LEU) at enrichment levels of 3.5% to 5%. However, the new breed of small modular reactors (SMRs) that are gaining favour globally require uranium enriched up to 19.75% - known as HALEU. Currently, the only significant producer of HALEU is Russia, a problematic supplier for geopolitical and security reasons. “There’s just no supply,” Mann emphasised. “The world needs this fuel this decade, not the next.”
Enter ASP Isotopes, which already started groundwork on the project six months ago. While construction of the facility is estimated to take only six months, the permitting and regulatory processes will likely stretch the timeline to 2027. Still, ASP’s track record of building plants “quickly, cheaply, efficiently and on budget” gives Mann the confidence that they can meet the ambitious timeline.
Job creation and economic windfall
Mann says the project is expected to mobilise an entire domestic supply chain and employ thousands. “We’re going to create billions of dollars for the economy,” he declared. While specific capital commitments from TerraPower have not been disclosed, Mann confirmed they are sufficient to attract additional local funding. The deal also secures ASP a decade of production for TerraPower, under a pricing formula that ensures a “very good return” for shareholders.
The location - Pelindaba - is a historic nuclear site that once employed over 10,000 people. Today, that figure has dwindled to around 1,600. “This will breathe life back into the region,” said Mann.
The Renergen takeover: Betting on helium
In a second bold move, ASP Isotopes is making an all-share offer to acquire JSE-listed Renergen, a company that holds rights to one of the world’s richest helium deposits in the Free State. Renergen’s reputation has suffered from execution delays and volatile share performance. Still, Mann is unfazed: “We’ve got a good track record of taking distressed assets and turning them into good businesses.”
The acquisition strengthens ASP’s non-nuclear business, particularly in semiconductor, medical, and space technology sectors where helium and isotopes are critical. “We use a lot of energy in our processes, and there’s exceptionally cheap energy at Welkom - 35 cents per MMBTU. Only Qatar has cheaper gas.”
The helium deposit itself is geologically unique - formed by two meteor strikes a billion years apart - containing ten times the helium concentration found in US reserves. “It’s the lowest cost supply of helium on Earth,” Mann asserted, predicting profitability from the asset by 2026.
Local capacity, global reach
What sets ASP Isotopes apart isn’t just its daring vision but also its boots-on-the-ground execution. The company employs over 150 people in South Africa, including a large team of engineers who fabricate components locally - slashing procurement times and costs. “We can manufacture a component in two weeks that would take six months to import,” Mann said.
This capability caught TerraPower’s attention. When their team visited ASP’s facilities, they were impressed by the staff’s skill, speed, and quality of work. “That’s why they’re partnering with us.”
JSE listing: “The right to invest”
In a move aimed at opening the company to South African investors, ASP Isotopes plans to list on the Johannesburg Stock Exchange by early August. “South Africans have supported us - from regulators to the general population. They deserve a chance to invest in our future,” Mann explained.
With listing preparations aligning with the Renergen transaction, Mann believes this will offer local investors exposure to a fast-growing global player in critical materials. “South Africa has seen a wave of delistings. It’s time we gave the JSE something new, something exciting.”
A Strategic stake in the Future
Beyond nuclear energy and helium, Mann hints at even more developments in the pipeline. “We’re building a critical materials company with real muscle. We want to be the differentiator on the global stage.” His ambition is clear: make money for shareholders while solving some of the world’s most urgent energy and industrial problems.
With government support, cutting-edge technology, and an aggressive expansion strategy, ASP Isotopes appears poised to turn South Africa into a cornerstone of the global critical materials supply chain.
“Quite frankly, a liquefaction plant is just a big fridge,” Mann joked, referring to the Renergen facility. “If our engineers had been in charge, it would have been up and running two years ago.”
For once, the story of South African beneficiation might actually deliver - at scale, and on time.