DOCSLIB.ORG

Uranium Market Conditions and Their Impact on Trends in Uranium Exploration and Resource Development

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Uranium Market Conditions and Their Impact on Trends in Uranium Exploration and Resource Development Features Uranium market conditions and their impact on trends in uranium exploration and resource development A review of historical developments and projections through the turn of the century by Eberhard Miiller-Kahle Thhee estimates for the growth of nuclear power projection, translating into a demand of 244 000 tonnes made in the 1970s have been found to be overly optimis- uranium (tU).* This projection compares with the most tic. The reality accentuated by the accidents at Three recent estimates of 337 GWe and about 49 000 tU, Mile Island and Chernobyl has reduced these projections approximately 20% of the 1975 projection. to a mere fraction of the original estimates. In more detail, it is estimated that the uranium This development has affected the nuclear fuel cycle demand for WOCA increased from about 4000 tU in industry, especially its sub-sector, the uranium resource 1965 to 41 500 tU in 1989. This is equivalent to an industry, which occupies the first step of activities to annual growth rate of over 10%. The projection for the produce fuel for nuclear reactors. time through 2005 estimates a further, though smaller, Most producers had to reduce uranium production, increase to nearly 53 000 tU, or about 1.5% per year. with the exception of Australia and Canada. Especially It is obvious that the difference between projection painful has been the reduction of revenues for the devel- and reality of uranium demand had significant impacts oping countries Gabon and Niger. Niger's economy on the uranium mining industry, which was undertaking depends to a large part on the revenues from uranium efforts to supply the uranium needed for an ambitious exports. nuclear programme. This process led to an oversupply The following article reviews developments in the of uranium through about 1984-85. uranium market and its consequences for uranium explo- In 1965, uranium production totalled about 16 000 tU, ration, and it outlines trends in exploration and uranium compared to a demand of 4000 tU. Production increased resource development. to a peak of over 44 000 tU in 1980 and 1981, compared to a demand of about 30 000 tU. The overproduction through about 1985 led to a buildup of a uranium stock- Uranium market conditions pile in WOCA, estimated to total 150 000 tU.** (See The current uranium market is mainly a reflection of accompanying figures.) several partly interconnected economic, parameters: The uranium industry's adjustment in the 1980s was reactor-related uranium demand, supply, and uranium very painful for mining companies and the countries prices. where they operated. Total uranium production in Uranium demand is based on nuclear electricity WOCA declined from a peak in 1980-81 of over generating capacity, whose growth had been vastly over- 44 000 t to about 34 000 t in 1989; it is now where it estimated in the past. For example, in 1975 this capacity stood in 1978. was estimated to reach over 2000 gigawatts-electric This development affected mainly producers in South (GWe) in the year 2000 for the World outside centrally Africa and the USA, where between 1980 and 1989 planned economies area (WOCA). This was a low production declined by more than 50% to 70%, respec- * Uranium Resources, Production, and Demand, NEA (OECD)/ IAEA, Paris (1986). Mr Miiller-Kahle is a staff member in the IAEA Division of Nuclear ** Uranium Resources, Production, and Demand, NEA (OECD)/ Fuel Cycle and Waste Management. IAEA, Paris (1990). IAEA BULLETIN, 3/1990 29 Features WOCA uranium production 1980 and 1989 WOCA uranium supply and demand, 1977 through 1989 1980 1989 Tonnes Tonnes 45 000 Per cent Per cent uranium uranium 40 000 Australia 1 561 3.5 3 800 11.2 Canada 7 150 16.2 11 000 32.5 France 2 634 5.9 3 190 9.4 Gabon 1 033 2.3 950 2.8 c 30 000 Namibia 4 042 9.1 3 600 10.6 c o Niger 4 128 9.3 3 000 8.8 WOCA = World outiide South Africa 6 146 13.9 2 900 8.5 • centrally planned economies area. USA 16 800 38.0 4 600 13.6 ^ 25 000 1989 data i& preliminary. Rest of WOCA* 749 1.7 900 2.6 20 000 1977 78 79 80 81 82 83 84 85 86 87 88 89 44 243 99.9 33 940 100.0 Note: Data for 1989 is preliminary. * World outside centrally planned economies area includes Argentina, Belgium, Federal Republic of Germany, India, Japan (1980), Pakistan, WOCA uranium production, 1977-89 Portugal, Spain, Yugoslavia (1989). BSRest of WOCA 50 000 ESSSouth Africa is estimated that three companies (CAMECO, 45 000 ESAustralia COGEMA, RTZ) produce over 40% and that eight com- ••Canada panies (CAMECO, COGEMA, RTZ, Nufcor, ERA, 40 000 E2USA Denison, Energy Fuels, and Uranerz Exploration and 35 000 Mining) produce over 70% of the total. The future effect of this concentration among a few I 30 000 producer countries and companies on the uranium mar- t 25 000 ket may be reduced competition and, consequently, rapid price increases where justified. For the first time | 20 000 in perhaps 15 years, the concern "that the supply 15 000 side of the market might develop in the direction of a 10 000 'cartel'" was expressed in late 1989.* The supply-demand projection for 1990-2005 is 5 000 based on two supply scenarios. They refer to (1) the 0 production capability of existing and committed mines 1977 78 79 80 81 82 83 84 85 86 87 88 89 and mills, which mine low-cost resources (recoverable WOCA = World outside centrally planned at US $80/kg U or below); and (2) the expected produc- economies area tion, which is assumed to be 80% of the production 1989 data is preliminary capability, as defined above. For both scenarios, the increasing demand that is projected, from about 41 900 tU in 1990 to 52 900 tU in 2005, cannot be filled. The gaps in production capa- tively. Other countries, including Gabon and Niger, had bility increase from about 1000 tU in 1990 to over to make only smaller reductions of about 10% and 27%, 20 000 tU in 2005. The cumulative gap is 135 000 tU, respectively. However, Australia and Canada were able or 18% of the demand over this period. In turn, the gap to increase their production by over 140% and 55%, for expected production is larger, totalling 250 000 tU, respectively. (See accompanying table.) or 34% of the cumulative demand. Regarding the geographic concentration of WOCA's These gaps, however, do not represent supply 1989 uranium production, three main producers deficits. This is because the large uranium inventories of (Canada, USA, and Australia) have a combined share of both producers and consumers in WOCA are being used over 57%. Five main producers (Canada, USA, Austra- to fill this shortfall. Of the total WOCA inventory of lia, Namibia, and France) have a share of over 77 %, and eight countries produce over 97% of WOCA's total. In addition to the geographic distribution of WOCA's uranium production, the breakdown by major producing * "U prices not likely to gain next year, but eyes are on the companies is interesting. Based on 1989 production, it mid-1990s", Nuclear Fuel (25 December 1989). 30 IAEA BULLETIN, 3/1990 Features 150 000 tU, about 70 000 tU exceed the amount needed for buffer stocks, and they are thus considered available as supply. In addition, there are uranium stocks in non- Development of long-term uranium prices WOCA countries of unknown quantities. (Estimates, however, are in the range of a multiple of the available WOCA stocks.) I £.\J In both cases, stocks are probably increasing, as ura- 110 - •, --Canada 110 nium used for defense purposes may be entering the £ «"•"""—\ 3 100 - / • V - 100 civilian market. In view of this, it can be estimated that C E m total stocks will be able to fill the production gaps 3 90 y - 90 1 E projected through 2005 for both supply scenarios. a .. "? 80 1 - 80 p-^ J? Thus, despite the production deficit, the uranium logr \V 1 70 70 5io market is plagued with an oversupply of stocks. The 1 / USA- \ - consequences are a buyer's market, which would con- Q. £ 60 / / domestic 60 ^ «= >- en tinue through the turn of the century, and a continuing / / USA--^^\ uranium cy w "5 •§ 50 imported 50 S"3, pressure on prices. -o uranium r 1/ As with other natural resources, such as oil and cop- 40 - 40 | dia per, there are two prices for uranium: the spot price for m c 30 - 30 3 short-term deliveries and the contract price for longer- ID - term deliveries. Also, the volume traded under these 20 - - 20 prices differ; the large majority of the material is traded i i i i i i i i i i i i i i 1 ft under long-term contracts. 975 76 78 80 82 84 86 88 1U Trends in long-term uranium prices reflect the aver- age export price of Canadian producers between 1970 and 1988, as well as the average price in the USA for domestic uranium (which from 1976 through 1981 includes minor amounts of imported material.) (See accompanying figure.) Looking at the trend, both prices increased from a level of about US $40/kg U in 1976 to Development of the NUEXCO spot price a peak of US $100-110/kg U in 1981. The subsequent decline is not as drastic as it appears, having been damp- ened by high-price contracts concluded in the late 1970s.
Load more

Recommended publications
  • 2003/09/17-LES Hearing
    -O - ENERGY "RAS 'V87 RESOURCES 3L INTERNATIONAL, INC. , : _ _ ERI-21 29-0301 Market for Uranium Enrichment Services 0 2003 Energy Resources International, Inc. All Rights Reserved. II II Prepared For: I Cz) C-oC Louisiana Energy Services, L.P. * - C- C-, Ir' Cf. -v" I. Ln U) September 17, 2003 5s 0CRIM by: Appflcantkonqit~- NRC SWaf Oler______ IDnesslnaae4!501 WA A~mbkat FECTED VW1D0M1111 (j 6o 1015 18t Street, NW, Suite 650 Washington, DC 20036 , , _ . USA Telephone: (202) 785-8833 FacsImile: (202) 785-8834 LES-04940 iemP/a7Le-- Sl cy- 16g2 Se Cvo,-e - NOTICE ERI believes the information in this report to be accurate. However, ERI does not make any w arranty, e xpress or i mplied, n or a ssume any l egal I iability o r r esponsibility for t he accuracy, completeness, or usefulness of any informay ntained herein, nor for any consequent loss or damage of jrWit clf this information. * , w * n - LES-04941 ERI-129030203 /Setemer ii nerg Reourcs IteratioalInc ERI-2129-0301/September 2003 .. Energy Resources Internatignal, Inc. TABLE OF CONTENTS 1. Introduction 1 2. Forecast of Installed Nuclear Power Generating Capacity 2 3. Uranium Enrichment Requirements Forecast 7 4. Current and Potential Future Sources of Uranium Enrichment Services 11 5. Market Analysis of Supply #nd Requirements 21 5.1. Scenario A - LES and USEC Centrifuge Plants Are Built in the U.S. 21 5.2. Scenario B - No LES; USEC Deploys Centrifuge Plant and Continues to Operate Paducah GDP 24 5.3. Scenario C - No LES; USEC Deploys Centrifuge Plant and Increases Centrifuge Plant Capability 25 5.4.
    [Show full text]
  • Federal Register/Vol. 86, No. 145/Monday, August 2, 2021/Notices
    41540 Federal Register / Vol. 86, No. 145 / Monday, August 2, 2021 / Notices DEPARTMENT OF COMMERCE III. Investigation Process Producers Will Face Increasing Import A. Initiation of Investigation Competition Bureau of Industry and Security B. Public Comments VIII. Conclusion C. Site Visits and Information Gathering A. Determination RIN 0694–XC078 Activities B. Economic Impacts of 25 Percent U.S.- D. Interagency Consultation Origin Requirement Publication of a Report on the Effect of E. Review of the Department of Commerce C. Public Policy Proposals Imports of Uranium on the National 1989 Section 232 Investigation on Security: An Investigation Conducted Uranium Imports Appendices Under Section 232 of the Trade IV. Product Scope of the Investigation Appendix A: Section 232 Investigation Expansion Act of 1962, as Amended V. Background on the U.S. Nuclear Industry Notification Letter to Secretary of Defense A. Summary of the U.S. Uranium Fuel James Mattis, July 18, 2018 AGENCY: Bureau of Industry and Cycle Appendix B: Federal Register Notices— Security, Commerce. B. Summary of U.S. Nuclear Power Notice of Requests for Public Comments on Generation Industry ACTION: Publication of a report. Section 232 National Security Investigation VI. Global Uranium Market Conditions of Imports of Uranium, July 25, 2018; SUMMARY: The Bureau of Industry and A. Summary of the Global Uranium Market Change in Comment Deadline for Section Security (BIS) in this notice is B. Uranium Transactions: Book Transfers 232 National Security Investigation of and Flag Swaps publishing a report that summarizes the Imports of Uranium, September 10, 2018 C. The Effect of the Fukushima Daiichi Appendix C: Summary of Public Comments findings of an investigation conducted Incident on U.S.
    [Show full text]
  • Uranium 2005 – Resources, Production and Demand Summary in English
    Uranium 2005 – Resources, Production and Demand Summary in English Uranium 2005 – Resources, Production and Demand, presents the results of the most recent review of world uranium market fundamentals and provides a statistical profile of the world uranium industry as of 1 January 2005. First published in 1965, this, the 21st edition of what has become known as the “Red Book”, contains official data provided by 43 countries on uranium exploration, resources, production and reactor- related requirements. Projections of nuclear generating capacity and reactor-related uranium requirements through 2025 are provided as well as a discussion of long-term uranium supply and demand issues. Exploration Worldwide exploration expenditures in 2004 totalled over USD 133 million, an increase of almost 40% compared to 2002 expenditures as the market strengthened. Most major producing countries reported significant increases in exploration expenditures, perhaps best exemplified by the United States, where exploration expenditures in 2002 amounted to much less than USD 1 million but by 2004 had jumped to over USD 10 million. Global exploration activities remained concentrated in areas with potential for unconformity-related and ISL-amenable sandstone deposits, primarily in close proximity to known resources. However, the rising price of uranium has also stimulated “grass roots” exploration, as well as exploration activities in regions known to have good potential based on past work. About 50% of the exploration expenditures in 2004 were devoted to domestic activities. Non-domestic exploration expenditures, although reported by only Australia, Canada, France and Switzerland, rose to over USD 70 million in 2004, more than four times the non-domestic exploration expenditures reported in 2002, with only Canada and France reporting data for 2002.
    [Show full text]
  • Primary and Secondary Sources [PDF]
    Primary and secondary sources in Global Nuclear Fuel Supply; focus on Uranium Georges CAPUS AREVA VP Front-End Marketing Seminar on Global Nuclear Fuel Supply Permanent Mission of Japan to the IAEA VIC January 26, 2009 Contents 1. Projected nuclear reactor fleet; from fuel demand to uranium demand scenarios and uncertainty 2. Supplying the uranium demand 1. Primary and secondary sources 2. Primary uranium outlook 1. Countries and security of supply 2. Types of mines and potential cost trend 3. Producers 3. Secondary sources 1. uranium stocks 2. Mox and RepU 3. re-enriched tails 4. downblended HEU 3. Balancing Supply and Demand: will future market equilibrium differ from past? 4. Focus on long term Security of Supply 5. Conclusions 3 > G. Capus – 2009_01_26 – IAEA VIC _ v0 1) Projected nuclear reactor fleet; from fuel demand to uranium demand scenarios and uncertainty X Warning: predicting the future is nonsense, forecasting is risky! X Pros: Global population growth Global economy growth Global warming Energy crisis X Cons: Ongoing financial crisis and impacts Public acceptance, technical and manpower bottlenecks… X We, at AREVA, are confident many new reactors will be added in the coming decade, significantly helping at limiting CO2 emissions ( we are still expecting around 635 GWe by 2030 and working at turning it into reality…) 4 > G. Capus – 2009_01_26 – IAEA VIC _ v0 Projected nuclear reactor fleet; from fuel demand to uranium demand scenarios and uncertainty Key parameters and sources of uncertainty in U demand forecast X Short term: the fleet is slowly evolving 1) availability of major secondary sources (mostly U market insensitive) 2) NPPs availability factor and load factor (mostly bound to technical issues or natural events, thus highly unpredictable) 3) Enrichment tails assays (Uranium feed v.s.
    [Show full text]
  • Uranium Producers of America
    RANIUM RODUCERS OF MERICA U P A 141 EAST PALACE AVENUE, POST OFFICE BOX 669, SANTA FE, NEW MEXICO 87504-0669 TELEPHONE (505) 982-4611; FAX (505) 988-2987; WWW.THEUPA.ORG January 21, 2015 David Henderson U.S. Department of Energy Office of Nuclear Energy Mail Stop NE-52 19901 Germantown Rd. Germantown, MD 20874-1290 Re: UPA Response to DOE RFI; Excess Uranium Management: Effects of DOE Transfers of Excess Uranium on Domestic Uranium Mining, Conversion, and Enrichment Industries Dear Mr. Henderson: On behalf of the Uranium Producers of America (UPA) and our member companies, we appreciate the opportunity to provide input regarding the Department’s management of the federal excess uranium inventory. As an industry that is directly impacted by federal uranium transfers, UPA has consistently urged the Department to make the Secretarial Determination process more transparent. While the Request for Information (RFI) is a step in the right direction, additional steps are needed to ensure the Department lives up to its congressional mandate to certify uranium transfers “will not have an adverse material impact on the domestic uranium mining, conversion, or enrichment industry.”1 UPA maintains the Department’s recent actions, including the May 2014 Secretarial Determination, fail to meet its legal obligation to protect the domestic uranium industry and violate the USEC Privatization Act. Despite extensive data provided by UPA and our member companies documenting the fragile state of our industry, the Department has dramatically increased the amount of uranium entering the market. As described in greater detail below, these transfers come at a time when the market is already oversupplied with uranium.
    [Show full text]
  • Cameco Corporation 2019 Third Quarter Results Conference Call
    Cameco Corporation 2019 Third Quarter Results Conference Call Transcript Date: November 1, 2019 Time: 8:00 AM EST Presenter: Tim Gitzel President and Chief Executive Officer Grant Isaac Senior Vice President and Chief Financial Officer Brian Reilly Senior Vice President and Chief Operating Officer Sean Quinn Senior Vice President, Chief Legal Officer and Corporate Secretary Rachelle Girard Vice President, Investor Relations OPERATOR: Welcome to the Cameco Corporation Third Quarter 2019 Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there’ll be an opportunity to ask questions. To join the question queue, you may press star, one on your telephone keypad. Should you need assistance during the conference call, you may signal an Operator by pressing star, zero. I would now like to turn the conference over to Rachelle Girard, Vice-President, Investor Relations. Please go ahead, Ms. Girard. RACHELLE GIRARD: Thank you, Operator, and good day, everyone. Thank you for joining us. © 2019 Cameco Corporation 1 Welcome to Cameco’s third quarter conference call. Today’s call will focus on the trends we’re seeing in the market and on our strategy, not on the details of our quarterly financial results. If you have detailed questions about our quarterly financial results, please reach out to the contacts provided in our news release, and we’ll be happy to help you with those details. With us today on the call are Tim Gitzel, President and CEO, Grant Isaac, Senior Vice-President and CFO, Alice Wong, Senior Vice-President and Chief Corporate Officer, Brian Reilly, Senior Vice-President and Chief Operating Officer, and Sean Quinn, Senior Vice-President, Chief Legal Officer and Corporate Secretary.
    [Show full text]
  • Uranium Mining Communities in the American West
    Contents List of Illustrations vii Acknowledgments ix Introduction xv 1 From Weed to Weapon: U.S. Uranium, 1898–1945 1 2 To Stimulate Production and in Interest of Security: 17 The First Cold War Uranium Boom, 1946–1958 3 Uranium Company Towns in the American West 37 4 The Uranium Capital of the World I: Moab 53 5 The Uranium Capital of the World II: Grants 77 6 Allocation, Protectionism, and Subsistence: 105 Changing Federal Policies to Preserve Domestic Producers, 1958–1970 7 Creatures of Uncle Sam: Yellowcake Communities 115 During the Allocation and Stretch-out Periods 8 The Commercial Boom and Bust: Federal Policies and 135 the Free Market, 1970–1988 9 Yellowcake Towns During the Commercial Boom and 149 Bust, 1970–1988 10 Conclusion 173 Bibliography 181 Index 197 Introduction S INCE THE END OF THE COLD WAR in 1989, Americans have begun to consider seriously the social costs exacted by the development of the atom. Recent disclosures have revealed radiation tests conducted on unknowing children. Similar studies have probed cancer rates in the inter- montane West presumably caused by nuclear testing. Still others have ex- amined the survival of cities such as Hanford, Washington, and Los Alamos, New Mexico, where the first bombs and reactors were manufactured.1 But little scholarly attention has been directed to the supply side of the indus- try. Although some recent works have examined the environmental conse- quences of uranium mining and the cancer rates among its miners, there is little mention of the well-being of the communities impacted by the min- ing and milling of yellowcake, the industry’s term for processed uranium ore.2 This study analyzes the origins, development, and decline of four such yellowcake communities: Uravan, Colorado; Moab, Utah; Grants, New Mexico; and Jeffrey City, Wyoming.
    [Show full text]
  • Slide #1: Uranium Market: How Did We Get Here and What Will Be Needed to Fuel the Nuclear Renaissance
    Slide #1: Uranium Market: How did we get here and what will be needed to fuel the nuclear renaissance Good morning and thank you for this opportunity to address the 2008 class of the World Nuclear University. Before I delve into my topic, I would just like to say a few things about this program. I give the WNA and Member companies a great deal of credit for having the foresight to create this strategic program. Put simply, your participation in the WNU, and the network that it fosters, is critically important to the success of the growth of our industry going forward. As someone who entered the nuclear industry at the age of 21 in 1984, I can only imagine how useful this program would have been to me at that stage in my career. While learning at the feet of the grey haired pioneers of this business was very exciting, and sometimes colorful, the network of gifted nuclear professionals that you are a part of must be very exciting and gives us all confidence that this industry will be very capably led into the future. The mid 80s (smack between TMI and Chernobyl) was not necessarily a time of optimism and growth in our industry so as a young person coming in, you could say I bucked the trend. In retrospect, however, I am extremely thankful that I made this career choice and never lost my faith in the benefits of clean, safe and economic nuclear power. It is nice to see our nuclear dreams being realized, and your generation could not be more ideally positioned.
    [Show full text]
  • Uranium Resources, Production and Demand, Commonly Known As the "Red Book"
    A^3«s..*s< Uo\«.-*^'- 18^ RESOURCES, PRODUCTION AND DEMAND A JOINT REPORT BY THE OECD NUCLEAR ENERGY AGENCY AND THE INTERNATIONAL mATOMIC ENERG Y AGENCY 198* ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Pursuant to article 1 of the Convention signed in Paris on 14th December 1960, and which came into f-^rce on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD) shall promote policies designed: - to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus to contribute to the development of the world economy; - to contribute to sound economic expansion in Member as well as non-member countries in the process of economic development; and - to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations. The original Member countries of the OECD are Austria, Belgium, Canada, Denmark, France, the Federal Republic of Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The following countries became Members subsequently through accession at the dates indicated hereafter: Japan (28th April 1964), Finland (28th January 1969), Australia (7th June 1971) and New Zealand (29th May 1973). The Socialist Federal Republic of Yugoslavia takes part in some of the work of the OECD (agreement of 28th October 1961). The OECD Nuclear Energy Agency (NEA) was established on 1st February 1958 under the name of the OEEC European Nuclear Energy Agerxy. It received its present designation on 20th April 1972, when Japan became its first non-European full Member.
    [Show full text]
  • ERI Analysis – February 20, 2015
    ENERGY RESOURCES INTERNATIONAL, INC. ERI-2142.18-1501 Analysis of the Potential Effects on the Domestic Uranium Mining, Conversion and Enrichment Industries of the Introduction of DOE Excess Uranium Inventory During CY 2015 Through 2024 ENERGY RESOURCES INTERNATIONAL, INC. ERI-2142.18-1501 Analysis of the Potential Effects on the Domestic Uranium Mining, Conversion and Enrichment Industries of the Introduction of DOE Excess Uranium Inventory During CY 2015 Through 2024 Prepared For: U.S. Department of Energy Office of Nuclear Energy Prepared By: Thomas B. Meade Eileen M. Supko February 20, 2015 1015 18th Street, NW, Suite 650 Washington, DC 20036 USA Telephone: (202) 785-8833 Facsimile: (202) 785-8834 NOTICE This report was prepared for the Office of Uranium Management and Policy in the Office of Nuclear Energy, Department of Energy (DOE) under Task 18 under GSA FABS Contract No. GS-23F0242P and DOE Contract No. DE-DT0000752. DISCLAIMER Any views expressed or conclusions made in this independent report are solely the opinion of Energy Resources International, Inc. and do not necessarily represent the views of the Department of Energy. ERI-2142.18-1501/February 2015 iii Energy Resources International, Inc. TABLE OF CONTENTS 1. Introduction 1 2. Background on Nuclear Fuel Supply Markets 4 2.1 Uranium Concentrates 5 2.1.1 Uranium Market Price Activity 5 2.1.2 Uranium Requirements 6 2.1.3 Uranium Supply 7 2.1.4 Adequacy of Uranium Supply Relative to Requirements 8 2.2 Conversion Services 12 2.2.1 Conversion Market Price Activity 12 2.2.2 Conversion Services Requirements 13 2.2.3 Adequacy of Conversion Supply Relative to Requirements 13 2.3 Enrichment Services 14 2.3.1 Enrichment Market Price Activity 14 2.3.2 Enrichment Services Requirements 15 2.3.3 Adequacy of Enrichment Supply Relative to Requirements 15 2.4 Summary of U.S.
    [Show full text]
  • IAEA Nuclear Energy Series Use of Reprocessed Uranium
    IAEA Nuclear Energy Series No. NF-T-4.4 Basic Use of Reprocessed Principles Uranium: Challenges and Options Objectives Guides Technical Reports INTERNATIONAL ATOMIC ENERGY AGENCY VIENNA ISBN 978–92–0–106409–7 ISSN 1995–7807 P1411_cover.indd 1 2009-12-23 09:13:14 IAEA NUCLEAR ENERGY SERIES PUBLICATIONS STRUCTURE OF THE IAEA NUCLEAR ENERGY SERIES Under the terms of Articles III.A and VIII.C of its Statute, the IAEA is authorized to foster the exchange of scientific and technical information on the peaceful uses of atomic energy. The publications in the IAEA Nuclear Energy Series provide information in the areas of nuclear power, nuclear fuel cycle, radioactive waste management and decommissioning, and on general issues that are relevant to all of the above mentioned areas. The structure of the IAEA Nuclear Energy Series comprises three levels: 1 — Basic Principles and Objectives; 2 — Guides; and 3 — Technical Reports. The Nuclear Energy Basic Principles publication describes the rationale and vision for the peaceful uses of nuclear energy. Nuclear Energy Series Objectives publications explain the expectations to be met in various areas at different stages of implementation. Nuclear Energy Series Guides provide high level guidance on how to achieve the objectives related to the various topics and areas involving the peaceful uses of nuclear energy. Nuclear Energy Series Technical Reports provide additional, more detailed, information on activities related to the various areas dealt with in the IAEA Nuclear Energy Series. The IAEA Nuclear Energy Series publications are coded as follows: NG — general; NP — nuclear power; NF — nuclear fuel; NW — radioactive waste management and decommissioning.
    [Show full text]
  • (The “Red Book”) Uranium Supply and Demand to 2035
    Uranium Resources Production and Demand (the “Red Book”) Uranium supply and demand to 2035 Robert Vance UNMP Consulting UNECE Training November 2018 “Red Book” Recognized source for global resource information Longstanding OECD/NEA and IAEA cooperation – first published in 1965 – since 1990s published every 2 years Relies principally on input from country representatives nominated by governments to the Uranium Group Over 100 countries have contributed to the publication over its history UNECE Training November 2018 Uranium Group history Formed in the mid 1960s - OECD, European Nuclear Energy Agency 1991: former Eastern Block countries join 1996: International Atomic Energy Agency member states formally join; re- organized as the Joint OECD-NEA / IAEA Uranium Group Red Book series a history of resource and mine development, changing supply and demand situation Recent meetings in U producing countries: 2000 Brazil; 2002 China; 2004 Czech Republic; 2006 Kazakhstan; 2008 Australia; 2010 Canada; 2012 Ukraine; 2014 Namibia; 2016 Argentina Follows OECD general objective of collective gain through sharing knowledge and experience UNECE Training November 2018 Evolution of the Red Book The Red Book has increased significantly in scope and depth in 50+ years into a comprehensive source of information about world uranium resources, production and demand. 1965: 1st RedBook was 20 pages, with one map and 2 tables, thorium resource estimates and reports from 11 countries. Uranium from seawater was discussed in 3 paragraphs and was determined to be sub-economic. Price categories: USD 5 – 15 - 30/lb U3O8 2016: 546 pages, included 49 country reports, and uranium from seawater was discussed in two paragraphs and determined to be sub-economic.
    [Show full text]