Nuclear power 'resurgence' at risk - Strong demand could cause global uranium shortage
The sharp increase in interest in nuclear power could cause a critical shortage of uranium, as global demand is growing rapidly and production from existing mines is falling. The World Nuclear Association warned that demand for uranium will increase by a third by 2030, reaching about 86,000 tonnes per year, and up to 150,000 tonnes by 2040.
However, many of the current mines are expected to be depleted by the end of the decade, which will halve uranium production and create a severe shortage in the market, threatening plans to expand nuclear capacity.
Industry organizations are calling for new investments in exploring and opening new mines, as well as reactivating closed ones, to avoid a supply crisis that could affect global energy security.
Nuclear power has gained a new boost as governments seek to secure energy independence after the war in Ukraine and reduced oil and gas supplies from Russia. In addition, big tech companies are seeing nuclear power as a cleaner alternative to fossil fuels for powering data centers that power artificial intelligence.
Meanwhile, decisions to reduce production by major suppliers such as Kazatomprom and Cameco have added to concerns about the stability of uranium supplies. Experts warn that prices could rise significantly as a result.
Industry leaders have warned that many companies may be forced to lower production forecasts as mines become increasingly older and less productive, and that the entire supply ecosystem is out of balance.
Global projections show that nuclear power capacity will double by 2040, reaching about 746 gigawatts, with much of this growth coming from the construction of new reactors in China and India. But building new mines takes an average of 10 to 20 years from the discovery of a deposit to the start of production.
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