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The Global Uranium Market in 3 Charts 


45 mins ago


December 8, 2023




Tessa Di Grandi

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  • Bruno Venditti

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  • Sabrina Fortin
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The following content is sponsored by Sprott

The Global Uranium Market in 3 Charts

The uranium market is experiencing increased demand, driven by its integral role in clean energy generation through its use in nuclear power.

In this graphic, our sponsor Sprott explores three pivotal areas shaping the global uranium landscape. 

Uranium Demand 

With 436 operational nuclear reactors worldwide and 173 more in the pipeline, the demand for uranium is on the rise. 

The United States, China, and France collectively represent approximately 58% of the global uranium demand.

Despite its relative abundance, the looming scarcity of supply poses a significant challenge.

The Uranium Supply Gap 

Forecasts project a persistent supply-demand imbalance for uranium, with an anticipated cumulative gap of approximately 680,000 metric tons by 2040.

Meanwhile, the existing supply gap is expected to intensify, signifying a prolonged shortage in the market.

Millions of U3O8 lbs Production Demand Gap
2022 129 194 65
2023P 142 195 53
2024P 160 196 36
2025P 172 198 26
2026P 184 208 24
2027P 188 213 25
2028P 189 217 28
2029P 190 221 31
2030P 185 223 38
2031P 174 226 52
2032P 158 235 77
2033P 154 242 88
2034P 150 249 99
2035P 139 253 114
2036P 135 255 120
2037P 118 257 139
2038P 114 260 146
2039P 108 269 161
2040P 106 270 164

To bridge the immediate supply deficit, reactivating dormant mines becomes crucial, considering the extensive timeline of 10-15 years for new mines to become operational.

Uranium Producers

In 2022, Kazakhstan, Canada, Namibia, and Australia were responsible for over 70% of the global uranium production.

However, recent geopolitical developments threaten disruptions in the uranium supply chain, including:

  • Potential sanctions on Russian uranium and related services.
  • Risks of supply interruptions in Kazakhstan due to transportation routes passing through Russia.
  • Halts in uranium exports from Niger following government coups.

Despite these risks, the demand for uranium in nuclear reactors is projected to escalate over the next decade, increasing by 28% by 2030 and anticipated to nearly double by 2040.

The surge will be driven by governments scaling up nuclear power capacity to achieve zero-carbon targets.

Explore Sprott’s range of uranium investments, including physical uranium and uranium-mining equities.

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Related Topics: #mining #canada #energy #uranium #australia #Russia #clean energy #energy transition #Kazakhstan #sprott

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