Global demand for uranium to rise 28% by 2030 in a business dominated by Russia

The World Nuclear Association (WNA) has released a report forecasting a significant increase in the global demand for uranium in nuclear reactors through to 2030, Reuters reported on September 7.

The report forecasts a 28% rise in demand by 2030 and nearly doubling by 2040 as governments worldwide expand nuclear power capacity to meet zero-carbon goals. The combination of global warming and the shift to renewable power, combined with the war in Ukraine has also contributed to the renewed interest in nuclear power, as many nations seek alternatives to Russian energy supplies.

However, uranium is fast becoming the new gas, as Russia’s state-owned Rosatom dominates the business of nuclear fuel and accounts for about half of global supplies.

While many countries mine raw uranium, including Kazakhstan, Uzbekistan and Niger, Russia not only mines uranium, it is the global leader in processing it to produce the burnable Uranium 235 isotope, also known as […]

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