Why can Canada become a nuclear power 'superpower'? - Uranium reserves and demand growth, the main factors of dominance
Canada has the potential to become a global leader in nuclear energy thanks to its rich uranium reserves and growing demand for this energy source. The company's NextGen project plans to position the country as the world's leading metal producer within a decade.
Nuclear power is coming back into the spotlight as it is seen as a solution to the climate crisis. Canada, rich in deposits of high-grade uranium, which is essential in this sector, can become a nuclear "superpower" if it properly uses this potential.
In 2011, Japan's Fukushima nuclear power plant disaster raised alarm about nuclear power and the price of the heavy metal, a critical component of nuclear fuel, plummeted.
But the last five years have seen a change, with the global price of uranium rising more than 200%. The move was launched after Microsoft founder Bill Gates announced nuclear power as "ideal for tackling climate change" in 2018. Later, the UK pushed forward a policy of generating at least 25% of the country's energy from this sector. Soon after, the European Union declared nuclear energy "climate friendly".
These events were critical for the industry and a turning point for the company NexGen, which is behind the largest uranium mine being built in Canada. NexGen, the uranium-rich Athabasca field in northern Saskatchewan, is now worth nearly $4 billion, despite the fact that the mine won't be operational until 2028. Researchers note that NexGen's project could push Canada is set to become the world's largest producer of the metal over the next decade, dethroning Kazakhstan.
With rich resources, Canada's mining companies will play a major role in the future of nuclear power, meeting a demand for uranium that is expected to increase after many countries at the COP28 climate conference committed to triple their nuclear output. until 2050.
Nuclear energy is valued for its low carbon emissions compared to other sources such as natural gas or coal. Uranium can be found worldwide, although it is most abundant in Canada, Australia, and Kazakhstan. But what makes the Athabasca region unique is the high quality of the uranium, experts explain.
Canada is currently the world's second largest producer of uranium, accounting for approximately 13% of total global production, according to the Canadian government. NexGen anticipates that once the new mine is operational, it will increase the total to 25%.
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