Uranium 2005: Resources, Production and Demand

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OECD Publishing, Jun 1, 2006 - Uranium - 388 pages
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Since 2001 the price of uranium has steadily climbed over five-fold, at a rate and reaching heights not seen since the 1970s. As a result, the uranium industry has seen a surge of activity, ending a period of over 20 years of relative stagnation. Worldwide exploration expenditures in 2004 increased almost 40% over 2002 figures. Overall, resource totals have increased over the past two years, indicating that increased uranium prices have begun to have an impact. Based on patterns observed following previous periods of heightened exploration efforts, further additions to the uranium resource base are anticipated given the recent dramatic increase in exploration expenditures. In 2004, significant production increases (>30%) were recorded in Australia, Kazakhstan and Namibia, while more modest increases (between 5% and 15%) were recorded for Brazil, Niger, the Russian Federation and Uzbekistan. Significant expansions are also planned in future production capacity in Australia, Canada and Kazakhstan. This very dynamic and major expansion of production capability could significantly alter the supply and demand relationship of recent years, provided planned centres are constructed on schedule and successfully reach full production capacity. Clearly, major changes in the uranium industry are under way, driven by recent uranium price increases.

The “Red Book”, jointly prepared by the OECD Nuclear Energy Agency and the International Atomic Energy Agency, is a recognised world reference on uranium.  It is based on official information received from 43 countries. This 21st edition presents the results of a thorough review of world uranium supplies and demand as of 1st January 2005 and provides a statistical profile of the world uranium industry in the areas of exploration, resource estimates, production and reactor-related requirements. It provides substantial new information from all major uranium production centres in Africa, Australia, Central Asia, Eastern Europe and North America. 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.

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