Uranium resources can last for another 100 years!

Nuclear power becomes a more relevant option in view of the potential of other cheaper options for greenhouse gas emissions. A new report (Uranium-2007) released recently finds that new discoveries and re-evaluations of known conventional uranium resources will be adequate to supply nuclear energy needs for at least 100 years at the present consumption level. Growing demand for nuclear power in developing countries such as India, China, Korea, Japan and the Russian Federation, and higher prices have spurred greater investment in exploration, and led to larger identified conventional uranium resources over the past two years. Projections for 2030 indicate a range of expected growth in demand from a low estimate of 38% to a high case of roughly 78%!

As per the estimate reported, the identified amount of conventional uranium resources which can be mined for less than US$130/kg to be about 5.5 million tonnes, up from the 4.7 million tonnes reported in 2005. Undiscovered resources, i.e. uranium deposits that can be expected to be found based on the geological characteristics of already discovered resources, have also risen to 10.5 million tonnes. The increases are due to both new discoveries and re-evaluations of known resources.

In contrast to some other energy resources such as oil, the geographical distribution of uranium resources remain quite varied. Currently, uranium is mined in 20 countries, with Iran being the latest entrant. Canada and Australia currently account for 44% of global uranium production, and other top uranium producers are Kazakhstan (13%), Niger (9%), Russian Federation (8%), Namibia (8%), Uzbekistan (6%), and the United States (5%).