Nuclear revival threatens uranium supply shortage

A RESURGENCE in nuclear power could trigger a critical uranium shortage as global demand soars while mine production plummets, said the Financial Times citing warnings by industry experts.The World Nuclear Association reported on Friday that uranium requirements will jump by a third to 86,000 tons by 2030 and reach 150,000 tons by 2040. However, output from existing mines is expected to halve during the 2030s as deposits become exhausted, creating a “significant gap” that threatens the nuclear renaissance.The trade body urged producers to secure investment for exploration and extraction from new and dormant mines to prevent a supply crisis. “As existing mines face depletion of resources in the next decade, the need for new primary uranium supply becomes even more pressing,” the association said.Nuclear energy has experienced renewed interest as governments seek energy independence following the Ukraine conflict and loss of Russian oil and gas supplies, said the Financial Times.Technology giants are also eyeing nuclear power for energy-intensive artificial intelligence data centres, viewing it as a cleaner alternative to fossil fuels, the newspaper added.Recent production cuts by major suppliers Kazatomprom and Cameco have heightened supply concerns, with Berenberg analysts warning of “meaningful” risks that could push prices substantially higher.Mark Chalmers, CEO of US uranium firm Energy Fuels, predicted more companies would reduce output guidance due to aging, less productive mines. “The whole ecosystem needs to be in equilibrium, and it’s not,” he said.Nuclear capacity is projected to nearly double to 746 gigawatts globally by 2040, driven largely by new reactors in China and India. However, establishing new uranium mines requires 10 to 20 years from discovery to production.The post Nuclear revival threatens uranium supply shortage appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com