Enough uranium supply for next century: IAEA

Based on a study released on Tuesday, the IAEA said new discoveries and reevaluations of known conventional uranium resources would be adequate to supply nuclear energy needs for at least the next 100 years at the present consumption level.

Growing demand and higher prices have spurred greater investment in exploration and led to revelation of larger conventional resources over the past two years, an IAEA release said.

 

International uranium prices have drastically reduced, now, by about 50 per cent compared to last year. The spot price of the yellow cake (uranium) is $59 per pound while last year it went up to $138 per pound.

Indian uranium costs over $120 per pound, owing to the poor ore quality and cost of its extraction and processing.

The uranium market has demonstrated recent strength, with major new investments and expenditures for exploration increasing over 285 per cent over the two-year period from 2004-2006.

Over $665 million was spent globally on uranium exploration in 2006.