Demand 170 Million Pounds heading to 210 Million pounds by 2010
Uranium Spot price has risen from US $7.10 in Dec 2000 to US $72/lb December, 2006. Some of the reasons for this dramatic rise may include:
Internationally, the nuclear renaissance is gathering steam. At present, 30 nations representing two-thirds of humanity use some 442 nuclear reactors to produce 16% of global electricity.
Countries generating the largest percentage of their electricity in 2005 from nuclear energy were: Country (%) Country (%) France 78.5 Republic of Korea 44.7 Lithuania 69.6 Bulgaria 44.1 Slovakia 56.1 Armenia 42.7 Belgium 55.6 Slovenia 42.4 Ukraine 48.5 Hungary 37.2 Sweden 46.7 Finland 32.9 Nuclear Energy Institute
Major nuclear power expansion is underway in some countries, and it is increasingly likely that this will spread to many others. China and India are quadrupling nuclear capacity by 2020.
The International Atomic Energy Agency has significantly increased its projection of world nuclear generating capacity. It now anticipates at least 60 new plants in the next 15 years,
In East and South Asia there are over 100 nuclear power reactors in operation, 20 under construction and plans to build about a further forty. The greatest growth in nuclear generation is expected in China, Japan, South Korea and India.
Generally accepted studies show that recoverable energy reserves of oil are forecast to last only another 40 years.
Canada---Ontario should expand nuclear power by more than 50 per cent over the next four decades as a key part of a made-in-Canada climate change plan ---A national advisory group urged June 21, 2006
June 13, 2006 Ontario announced a plan to spend about 20 billion dollars to build reactors and refurbish some current units. Reactors in operation: 17 Reactors under construction: 0
USA-- ". . By expanding our use of nuclear power, we can make our energy supply more reliable, our environment cleaner and our nation more secure for future generations."---President George Bush
The U.S. remains the largest producer of nuclear-generated electricity. However, nearly all the growth in demand for nuclear power is elsewhere. Reactors in operation: 104 Reactors under construction: 0
The Bush administration recently pushed a plan through Congress that grants as much as 15 billion dollars in federal aid, to jumpstart nuclear power plant construction,
UK--- Tony Blair stated that replacement of Britain's nuclear power stations is: "back on the agenda with a vengeance." He stated it would be "a dereliction of my duty" if he neglected the issue, citing global warming, energy and security needs. Clean efficient energy
Nuclear energy has distinct environmental advantages over fossil fuels, in that virtually all its wastes are contained and managed - nuclear power stations do not cause any pollution.
Nuclear energy is the largest source of clean-air, carbon-free energy in North America. Nuclear power plants produce no controlled air pollutants, such as sulfur and particulates, or greenhouse gases.
... One of the founders of Greenpeace, Patrick Moore, recently stated he considers nuclear energy as: "the only large-scale, cost-effective energy source that can reduce greenhouse emissions while continuing to satisfy a growing demand for power."
Supply
Canada produces the largest share of uranium from mines (28% of world supply from mines), followed by Australia (2e%).
Two thirds of world production comes from just ten mines. Uranium ore deposits have average grades in excess of 0.10% of uranium (1,000 ppm U) Canadian mines have ore up to 20% U, average grade.
High grade uranium deposits such as those found in Saskatchewan's Athabasca Basin are scarce.
High-grade ore - 2% U, 20,000 ppm U, Low-grade ore - 0.1% U, 1,000 ppm U
Production from mines (tonnes U) country 2002 2003 2004 2005 Canada 11604 10457 11597 11628 Australia 6854 7572 8982 9519 Kazakhstan 2800 3300 3719 4357 Russia (est) 2900 3150 3200 3431 Namibia 2333 2036 3038 3147 Niger 3075 3143 3282 3093 Uzbekistan 1860 1598 2016 2300 USA 919 779 846 1039 Ukraine (est) 800 800 800 800 China (est) 730 750 750 750 South Africa 824 758 755 674 Czech Repub. 465 452 412 408 India (est) 230 230 230 230 Romania (est) 90 90 90 90 Germany 212 150 150 77 Pakistan (est) 38 45 45 45 France 20 0 7 7 Brazil 270 310 300 0 Total world 36,063 35,613 40,219 41,595 (42,529 t U3O8) (41,998 t U3O8) (47,430 t U3O8) (49,052 t U3O8)
WNA Market Report data Shortfall 70 Million Pounds
Production from world uranium mines now supplies only 55% of the requirements of power utilities.
Mine production is supplemented principally by ex-military material. With the shortfall made up largely from rapidly shrinking stockpiles.
World mine production will need to expand significantly post 2005.
New uranium mines take in the region of 10-20yrs to be put into production Now, very quietly, nuclear power is on its way back in the U.S. and around the world. And---it must be said---that's a good thing. . . . In a world threatened by warming, an emission-free power source is desperately important. Solar and wind power cannot even begin to fill the need. And after 50 years of experience with nuclear power, the risks are no longer great enough to justify opposing it. . . . Nuclear power is about to start increasing rather than decreasing, and the evidence---today's evidence not that of 25 years ago--- is persuasive that the world will be better off."
---Fortune "Nuclear Power Is Back---Not A Moment too Soon" May 30, 2005
Sources Nuclear Energy Institute Uranium Information Centre World Nuclear Association
AGS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
