The uranium industry

Electricity is essential to maintaining and improving the standard of living for people around the world. Demand for safe, clean, reliable, affordable energy continues to grow and the need for nuclear as part of the world's energy mix remains compelling.

Uranium demand

At the end of 2011, there were over 60 nuclear reactors under construction around the world. China continued to lead the growth, with over 25 reactors under construction and dozens more planned. India, Russia and South Korea also continue to expand their nuclear generating capacity.

In the UK, government commitment to nuclear energy is strong, driven by concerns about energy security and the need to limit CO₂ emissions. The US continues to make progress toward new nuclear development with six units planned, four of which we expect will receive construction licences this year, and one of which is already under construction.

We expect demand for uranium to grow, and along with it the need for new supply to meet future customer requirements.

Read more about uranium demand and markets in our Annual Financial Review.

About uranium

Uranium is one of the most abundant elements in the Earth's crust. It can be found almost everywhere in soil, rock, rivers and oceans. Concentrated uranium ores, however, are found in just a few places, usually in hard rock or sandstone.

Although uranium deposits are found all over the world, the concentration of uranium varies according to the substances it is mixed with and the places where it is found. The largest deposits of uranium are found in Australia, Kazakhstan and Canada.

The only known high-grade deposits are found in Canada.