Sufficient uranium resources exist to support both the continued use of nuclear power and its significant growth through 2050 and beyond. However, timely investments in new exploration, mining operations and processing techniques will be essential to ensure that uranium becomes available to the market when needed.

These are among the main findings of the latest edition of Uranium 2024: Resources, Production and Demand, commonly known as the “Red Book”, an essential global reference prepared jointly every two years by the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA).

The 2024 edition of the Red Book provides the latest comprehensive review of uranium market fundamentals, based on official government data, and delivers a detailed statistical profile of the global uranium industry. Covering the calendar years 2021 and 2022, it features data on uranium resources, exploration, production and inventories. The report also includes 62 country profiles, offering in-depth insights into mine development plans, the environmental and social dimensions of uranium mining, and national regulations and policies.

The Red Book indicates that global identified recoverable uranium resources amounted to 7 934 500 tonnes as of 1 January 2023. These represent all reasonably assured and inferred uranium resources that could be recovered at market prices ranging from $40 to $260 USD/KgU (equivalent to $15 to $100 USD/lb U₃O₈). Compared to the total reported in the 2022 edition, this represents an increase of less than 0.5%. Additions to the uranium resource base could however arise from undiscovered or unconventional sources, driven by the sharp rise in uranium spot prices since mid-2021 and the commitment first announced during COP28 and now signed by 31 countries to triple their nuclear energy capacity by 2050.

Worldwide domestic exploration and mine development expenditures have increased dramatically after a period of decline due to poor market conditions and the COVID-19 pandemic. Annual expenditures to USD reached 800 million in 2022. Preliminary data for 2023 suggest a further increase to USD 840 million. Production, meanwhile, increased 4% between 2020 and 2022 and the report suggests the increase will likely continue in coming years.

The Red Book also provides projections for nuclear power installed capacity and uranium requirements through 2050, outlining both low-growth and high-growth scenarios, alongside an assessment of uranium supply and demand adequacy under each scenario. According to these projections, the uranium resource base is sufficient to meet the needs of a high-growth nuclear capacity through 2050 and beyond. However, this will require essential investments in new exploration, improved processing techniques and new production centres to replenish reserves.

The establishment of new production centres is anticipated to face significant lead times due to today’s risk-averse investment climate and complex and lengthy regulatory processes in many uranium mining jurisdictions. Geopolitical challenges and technical difficulties in developing new mines and milling facilities may further compound the situation. As a result, efforts must begin immediately to ensure adequate uranium supplies are available in the medium term.

Read the report: www.oecd-nea.org/uranium-24

The Nuclear Energy Agency (NEA) is an intergovernmental agency which operates within the framework of the Organisation for Economic Co-operation and Development (OECD). It facilitates co-operation among countries with advanced nuclear technology infrastructures to seek excellence in nuclear safety, technology, science, related environmental and economic matters and law.

The International Atomic Energy Agency (IAEA) is the world’s central intergovernmental forum for scientific and technical co-operation in the nuclear field. It works for the safe, secure and peaceful uses of nuclear science and technology, contributing to international peace and security and the United Nations Sustainable Development Goals.

The Joint NEA/IAEA Group on Uranium (UG) prepares each edition of Uranium – Resources, Production and Demand. The Group also co-ordinates the preparation of periodic assessments of the world’s supply of natural uranium, examines the relationship of these supplies to demand projections and recommends actions that might be taken to ensure adequate long-term supply of uranium for nuclear power development.

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