The Uranium Industry
Electricity is essential to maintaining and improving the standard of living for people around the world. Demand for safe, clean, reliable and affordable energy continues to grow, and the need for nuclear as part of the world’s energy mix remains compelling.
Uranium Demand
We remain confident in the long-term fundamentals of the nuclear industry, despite market challenges which have persisted for five years now. Today, uranium demand is negatively affected by oversupply in the market. However, our industry is driven by demand for energy, which continues to grow as a result of growing world populations and industrial development. The 2015 World Energy Outlook predicts that by 2035, electricity consumption will have grown by about 60% from current levels.
Within this context, most countries are pursuing a diversified approach to energy growth, with an emphasis on energy security and clean energy. Nuclear power can generate baseload electricity with no toxic air pollutants, carbon dioxide (CO2) or other greenhouse gas emissions. It has the capacity to produce enough electricity on a global scale to meet the world’s growing needs, and while it is not the only solution, it is an affordable and sustainable source of safe, clean and reliable energy. As a result, we expect nuclear energy to remain an important part of the energy mix.
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 in Canada.