Uranium Supply Faces Challenges as Demand Rises for Nuclear Energy
PARIS – The global supply of uranium, essential for nuclear power generation, is facing increasing hurdles as readily accessible deposits dwindle and extraction becomes more complex and costly, according to recent reports. While sufficient resources exist to meet current and projected needs through 2050 and beyond,significant investment and technological advancements are crucial to ensure a stable supply.
The cost of uranium extraction is rising due to several factors. Mining operations are increasingly shifting to more challenging environments, and geopolitical instability is impacting access to key sources. Niger‘s recent nationalization of the Somaïr uranium mine, a subsidiary of Orano, exemplifies this trend.
“The share of Australia in the production of uranium (8.5%) has little chance of taking off,” explains Teva Meyer, a researcher at IRIS. “The exploitation requires the authorization of federal and regional governments. However, 11 of the 13 moast advanced mining projects are in regions prohibiting their exploitation.”
Despite these challenges, new sources of supply are emerging. Mongolia, through an agreement with Orano, and Brazil are launching significant uranium projects. the International Atomic Energy Agency (AIEA) emphasizes the need for investment in new prospecting, extraction, and treatment techniques to ensure timely availability of the ore.
“The big boost would come if the Nuclear reactors order book in the West was starting to firm up,” said Mahesh Goenka, founder of Old Economy sales and market consulting firm, to CNBC.
longer-term solutions may lie in the progress of fourth-generation reactors utilizing rapid neutron (RNR) technology. These reactors can directly use the isotope U238, which is far more abundant than the commonly used uranium 235.
“The rnrs could use as fuel,for millennia,the thousands of tons of uranium ‘depleted’ in 235 uranium from 1st to 3rd generation reactors,currently considered and stored as waste,” notes knowledge of energies.
However, this technology remains under development. A previous French research project, Astrid, was halted in 2019 after an investment of 738 million euros. A new project has been relaunched, but an industrial version is not anticipated before 2060, according to La Tribune.
