Do we have a uranium shortage?

Do we have a uranium shortage?

Uranium supply was in deficit in 2020, and delays in the launching of new mines — due entirely to the fact that the uranium price is still well short of making such mining economic — has just exacerbated the problem. The uranium spot price remains below US$30 per pound (A$40/lb).

What year will uranium run out?

Steve Fetter, dean of the University of Maryland’s School of Public Policy, supplies an answer: If the Nuclear Energy Agency (NEA) has accurately estimated the planet’s economically accessible uranium resources, reactors could run more than 200 years at current rates of consumption.

Is there a surplus of uranium?

As of 2017, identified uranium reserves recoverable at US$130/kg were 6.14 million tons (compared to 5.72 million tons in 2015). At the rate of consumption in 2017, these reserves are sufficient for slightly over 130 years of supply.

What happens if uranium runs out?

If it is just missing, or not on the crust of the earth, thorium would be the next isotope of choice for development of atomic energy. Without uranium in some abundance, there would be no uranium or plutonium…

Will demand for uranium go up?

The Reference Scenario of the 2021 edition of the World Nuclear Association’s Nuclear Fuel Report shows a 27\% increase in uranium demand over 2021-30 (for a 16\% increase in reactor capacity – many new cores will be required, and electricity demand is expected to recover following the pandemic).

Will price of uranium go up?

The World Nuclear Association sees a balanced market until 2028 through drawdowns in utility inventories and idled-mine supply returning, with the latter requiring that prices rise first. The commodity strategists remain bullish on uranium in the medium term and forecast a price high of $49 a pound by 2024.

Will there be a uranium shortage post-2023?

Deep Yellow managing director John Borshoff anticipates a uranium supply shortage post-2023 is “inevitable”. Deep Yellow (ASX: DYL) managing director John Borshoff has issued a stark warning about future uranium supply shortages saying the mining sector is “totally unprepared” to meet the challenges of the looming yellowcake shortage.

Why is the uranium price still so low?

Uranium supply was in deficit in 2020, and delays in the launching of new mines — due entirely to the fact that the uranium price is still well short of making such mining economic — has just exacerbated the problem. The uranium spot price remains below US$30 per pound (A$40/lb).

What is the outlook for uranium mining?

The long-term outlook for uranium is strong considering the shortage which is expected to arrive around 2023-2025. The short-term outlook for uranium is weak considering there is unlikely be a shortage this year and most miners are expected to lose money.

How much depleted uranium is there in the world?

There is about 1.2 million tonnes of depleted uranium available, from both military and civil enrichment activity since the 1940s, most at tails assay of 0.25-0.35\% U-235 (though the USA had about 114,000 tU assaying 0.34\% or more in 2013). Non-nuclear uses of DU are very minor relative to annual arisings of over 40,000 tU per year.