State-owned INB says tripling of price means possible growth in sector
Brazil has announced it is to resume exploration for uranium in the country after a 40-year hiatus as it eyes “an avenue of opportunities” following the tripling of the uranium price in recent years.
State-owned nuclear fuel cycle company Indústrias Nucleares do Brasil (INB), which is under the control of the Ministry of Mines and Energy, said in a statement on 21 August that it had launched a programme to work in partnership with companies in the mining sector.
“New research will be carried out in areas known for their great mineral potential for this valuable substance, which is the most accessible raw material for nuclear energy generation,” INB said.
INB president Adauto Seixas said the new round of research comes at an important time for the country because national production is still lower than the domestic consumption of Brazil’s two commercial nuclear power plants, Angra-1 and Angra-2.
Seixas said INB also needs to take into account an increase in demand that will come with the completion of Angra-3, construction of which began in 1984 but has seen a number of lengthy delays.
INB said the price of uranium has more than tripled in recent years, bringing an avenue of opportunities for growth in the sector including exports.
It said that according to a study 40 years ago, Brazil had the eighth largest uranium reserve in the world.
“However, considering that the second largest reserve is in Kazakhstan, which is the same size as the state of Rio de Janeiro, it is possible that the country could eventually take second place,” INB said.
Uranium has been mined in Brazil since 1982, but the only operating mine is INB’s Caetité unit in Lagoa Real province with a capacity of 340 tU per year.
According to a report for the International Atomic Energy Agency, Lagoa Real, in the eastern state of Bahia, is by far the most important and best-known uranium occurrence in Brazil.
The Nuclear Energy Agency (NEA) said in a 2022 report that the expansion of the Caetité mine to 670 tU/year had been progressing, with completion expected in 2027.
In the same report the NEA said that since 2014, INB has been working on the development of the Engenho deposit in Bahia state, with the commissioning process beginning in 2019-2020 without significant production. Mine production amounted to 30 tU in 2021.
Brazil has two commercial reactors at Angra, but does not produce enough uranium to meet their needs.
