The revival of nuclear energy may face a serious uranium deficit, warns the World Nuclear Association. Global demand for this fuel is growing, while production at existing mines is decreasing, creating a "significant gap" between supply and demand. This is reported by Financial Times, writes UNN.
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According to a report by the World Nuclear Association, published on Friday, global nuclear energy's uranium needs will increase by a third to 86,000 tons by 2030 and to 150,000 tons by 2040. At the same time, production at current deposits will almost halve due to resource depletion. This threatens to create a serious deficit that could hinder the revival of nuclear energy.
The report calls on the industry to intensify exploration of new deposits, modernize existing mines, and attract investment in uranium mining.
As existing mines face resource depletion in the next decade, the need for new primary uranium suppliers becomes even more urgent. Significant exploration work, innovative mining methods, efficient permitting, and timely investments are needed.
The growing interest in nuclear energy is fueled by the energy crisis after the start of the war in Ukraine and governments' desire to secure their own sources of electricity. Large technology companies are also considering nuclear energy as a way to power data centers for artificial intelligence, viewing it as a cleaner alternative to fossil fuels.
At the same time, major producers, including Kazatomprom and Cameco, have recently reduced production, and analysts warn of a possible significant price increase due to supply shortages.
The entire ecosystem is out of balance. Clouds are looming on the horizon
By 2040, global nuclear power plant capacity could almost double to 746 gigawatts, with a significant portion of new reactors planned in China and India. However, supplying them with uranium will be difficult due to the complexity of mining, conversion, and enrichment of the fuel.
Russia currently remains a key player in the uranium enrichment market, but the West aims to reduce dependence by the early 2030s,
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