10 Sep (NucNet): Demand for uranium will continue to rise in the foreseeable future, despite declining market prices since the Fukushima-Daiichi accident in Japan in March 2011 and lower electricity demand as a result of the global economic crisis, a report on uranium published today by the International Atomic Energy Agency and the Nuclear Energy Agency says.
‘Uranium 2014: Resources, Production and Demand’, commonly known as the Red Book, also projects that world nuclear electricity generating capacity is expected to increase between seven per cent on the low and 82 per cent on the high side by 2035. This is in line with the IAEA’s most recent projections of between eight and 88 per cent until 2030.
The Red Book says there have been increases in uranium supply, exploration and production. Some seven per cent more uranium resources have been identified since the last report was published in 2012, adding almost 10 years to the existing resource base.
Global uranium production continued to increase between 2010 and 2012, albeit at a lower rate than in the previous two-year period. The growth in the resource base is mainly due to a 23 percent increase in uranium exploration and mine development, which totalled 1.92 billion US dollars (1.48 billion euros) in 2012.
More than 20 countries around the globe produce uranium, with Kazakhstan, Canada and Australia as the largest producers, accounting for approximately 63 percent of world production. The reported growth in production is mainly driven by Kazakhstan, with smaller additions in Australia, Brazil, China, Malawi, Namibia, Niger, Ukraine and the US.
On the demand side, projections vary from region to region. While the Fukushima-Daiichi accident resulted in a change of policies in many developed countries, nuclear capacity projections, notably in East Asia and non-European Union states on the European continent, continue to grow.
The report is online: http://www.oecd-nea.org/ndd/pubs/2014/7209-uranium-2014.pdf
