IAEA-NEA Joint Report - Uranium 2016 - Resources, Production and Demand

Uranium (Nuclear Minerals) / Exploration, Mining, Marketing, & Acquisitions

Date posted: 12/03/16

This NEA-IAEA report presents the results of the most recent review of world uranium market fundamentals and offers a statistical profile of the world uranium industry as of 2015. It contains official data provided by 37 countries and 12 national reports on uranium exploration, resources, production and reactor-related requirements... 1. Projections of nuclear generating capacity and reactor related uranium requirements through 2035 are presented, as well as a discussion of long-term uranium supply and demand issues. 2. Total identified uranium resources have increased by only 0.1% since 2013. The resource base has changed very little due to lower levels of investment and associated exploration efforts reflecting current, depressed uranium market conditions. 3. Uranium exploration and mine development expenditures increased between 2013 and 2015. Nevertheless, no significant resources were added to the resource base during this reporting period as the expenditure increase can be largely attributed to the development of the Cigar Lake mine in Canada and the Husab mine in Namibia. Exploration expenditures continued to decrease because of low uranium prices. 4. Global uranium mine production has decreased by 4% since 2013. However, production is still above 2011 levels, and Kazakhstan, currently the leading producer, continues to increase production, but at a slower pace. 5. With uranium production projected to expand, efforts are being made to develop safe mining practices and to continue to minimize environmental impacts. 6. Demand for uranium is expected to continue to rise for the foreseeable future as nuclear power is projected to grow in regulated electricity markets with increasing electricity demand and a growing need for clean air electricity generation. 7. The currently defined resource base is more than adequate to meet high-case uranium demand by 2035, but doing so will depend upon investment to turn resources into refined uranium fuel. Read on.