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Introduction
Uranium is one of the world’s most abundant metals and can provide fuel for the world’s commercial reactors for generations to come. Higher uranium prices are encouraging a re-examination of existing deposits and the exploration for new ones, as well as efforts to expand the infrastructure involved in converting uranium into nuclear fuel for reactors. Bolstering confidence in future supply is the fact that some of the world’s richest deposits of uranium are in politically stable countries, such as Canada and Australia.

Market analysts anticipate tight supplies in the 2011 to 2015 time frame, but the industry does not expect any reactors to shut down or stop construction because of a lack of fuel.

Agencies Say Uranium Supply Adequate for Near and Long Term
Both the OECD and IAEA believe uranium supplies are adequate to meet the needs of nuclear power plants worldwide, as well as new reactors anticipated in the next decade. The agencies base their conclusion on official projections from 43 uranium-producing countries, as well as independent studies by the agencies.

“Regardless of the magnitude of the role that nuclear energy ultimately plays, the uranium resource base ... is adequate to meet projected future requirements,” according to “Uranium 2005: Resources, Production and Demand,”¹  a joint report by the OECD and IAEA. “However, a continued strong market and sustained high prices will be necessary for resources to be developed within the time frame required to meet uranium demand.”

¹“Uranium 2005: Resources, Production and Demand,” OECD/IAEA, 2005.

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