EXECUTIVE SUMMARY
ï¶ The U.S. is the world's largest producer of nuclear power, accounting for more than 30% of worldwide nuclear generation of electricity.
ï¶ Some 98 nuclear power plants in the U.S. remain in operation, a few more are scheduled for retirement on the grounds of economics of low-priced natural gas, but two new reactors are being completed in Georgia.
ï¶ Following a 30-year period in which few new reactors were built in the U.S., it is expected that two more new units will come online soon after 2020; others resulting
from 16 license applications made since mid-2007 are proposing to build 24 new nuclear reactors, most of which are of the new small modular reactor (SMR) design.
ï¶ The U.S. produced about 4,015 billion (kWh) of electricity at utility-scale facilities in the U.S.
ï¶ Currently, about 63% of the U.S. electricity generation is from fossil fuels (coal, natural gas, petroleum, and other gases). About 20% was from nuclear energy, and
about 17% and rising was from renewable energy sources, including hydroelectric power plants.
ï¶ The first zero-emission credit programs have commenced, in New York, Illinois, and other states.
ï¶ The years 2015 and 2016 exhibited the highest annual growth in nuclear plant capacity in 25 years and has leveled off since at an efficiency of greater than 90%.
ï¶ Significant uranium production cuts were made in 2017 from world’s largest uranium producers.
ï¶ Uncovered utility demand is projected to reach ~24% by 2021 and 62% by 2025. Hence, production should resume in the foreseeable future assuming the uranium price continues to rise.
ï¶ Sustained low-prices of uranium indicate that few new sources of supply are on-line, but a number of mines are either on stand-by or are available for rapid development,
ï¶ Uranium holdings could be of strategic interest in the event of uranium supply interruption.
ï¶ U.S. utilities are looking for risk-free ways to acquire significant supplies for future (likely Canada).
ï¶ Implied current yellowcake value is lower than many mines’ costs of production.
ï¶ Most of the uranium purchased by utilities is contracted (based on the long-term price: currently $32.00/lb U3O8),
ï¶ Saudi Arabia plans to build 16 reactors by 2030 with their first reactor to come online in 2022.
ï¶ South Korea currently operates 25 reactors providing 33% of South Korea’s power, and is building reactors on budget and on time for UAE.
ï¶ Japan is upgrading and re-starting most of its fleet of nuclear power plants after Fukushima.
ï¶ China plans to build 99 reactors by 2030, with government investment of over $100 billion. Current activities: 38 reactors in operation, 25 under construction, 39 planned/proposed for 240 total reactors on the horizon.
ï¶ China is rapidly building some 25 new plants and hundreds more are planned along with financially underwriting the construction of more than 40 projects in joint ventures with other countries.
ï¶ Russia currently has seven reactors under construction; An average of one large reactor per year is due to come on line through 2028,
ï¶ Russia is testing a “fast breeder” design that consumes most used fuel (waste).
ï¶ Russia is considering banning uranium sales to U.S. utilities because of the sanctions and tariffs applied by the U.S., while Petition 232 is under review to increase
domestic mining and limit foreign imports of uranium.
ï¶ Russia also is building a floating nuclear power plant for use along the coast of Siberia and in the Arctic.
ï¶ India has turned to nuclear power to ramp up electricity production to match population growth rates and is also working on “fast breeder” designs.
ï¶ India plans to be 25% nuclear-energy-powered by 2050.
ï¶ Many other countries are also building nuclear plants funded by a variety of sources.
ï¶ There have been numerous discoveries of high-grade uranium deposits in Canada and new low-grade deposits reported to be under development in Argentina and Peru. ï¶ The main Australian uranium mine in South Australia has resumed operations.
ï¶ Senior U.S. uranium industry personnel indicate that mining in Texas might not be re-initiated for a number of years because of the low uranium prices.
ï¶ Many uranium companies are drilling new and established properties to establish an “in place” resource base in preparation for development sometime in the future as
prices begin to rise.
ï¶ A new surficial uranium resource base has been identified in Texas by the U.S. Geological Survey.
ï¶ A new uranium district has been identified in the eastern Seward Peninsula of Alaska encompassed within the eastern margins of McCarthy Basin. Thorium and rare-earth elements have been discovered in the surrounding igneous rocks.
ï¶ New data indicate that based on studies of astronauts, genes in humans are “turned on” in space and remain on after returning to Earth while others return to “normal”.
ï¶ The actual impact of these weightlessness studies is still being investigated, but early results from the twin-studies indicate that long-term weightlessness is hazardous to
humans, and that rotation creating artificial gravity for long-term space flight will be mandatory.
ï¶ Offworld exploration for uranium and other elements is being supported indirectly by NASA and private space companies to identify distant asteroids and comets for
the purpose of adjusting potentially hazardous orbital conflicts with Earth.
ï¶ Ambient radiation on Earth is affected by potential hazards from space and requires monitoring.
ï¶ Research funding on uranium and rare earths, thorium, and rare earths by university and industry remains low, but state geological surveys (e.g., Wyoming and New
Mexico) and the U.S. Geological Survey are moving forward with robust research on uranium, and rare earths.
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