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WNA: Uranium demand to increase 28% by 2030, as nuclear energy gains momentum

The World Nuclear Association (WNA), in a Friday report, said that the demand for uranium in nuclear reactors will increase by nearly 30% over the next five-year period as more countries rely on nuclear energy to achieve zero-carbon goals.

The WNA's Nuclear Fuel Report, published every two years, said that new uranium mining operations and re-starting of existing ones will be required in the coming years to satisfy the growing demand.

It said that concerns over energy independence and security due to geopolitical issues have also increased interest in nuclear energy.

The report stated that the demand for uranium used in nuclear reactors will increase by 28% in 2030, and by 2040 it is expected to more than double to 150,000 metric tonnes a year from 67,000 tons per annum in 2024.

According to the report, the mine supply is sufficient in the short-term, but shortages may occur after 2030.

The report stated that it takes 10-20 years for uranium to be produced after the first discovery.

In order to avoid future supply disruptions, it is necessary to accelerate the development of new projects in this decade.

The global nuclear capacity by the end of 2025 will be 398 gigawatts (GWe), with an additional 71 GWe under construction.

The report stated that nuclear capacity will increase by 13% in 2030, and by 87% by 2040 to 746 GWe.

It said that "a number of countries have implemented nuclear moratoriums or phase-out policies, and are now re-evaluating their long-term policies on energy and considering nuclear energy as a part of the mix."

The report also said that small modular reactors are cheaper and easier to build.

The global uranium industry has been recovering in recent years. Production is expected to increase by 22% between 2022 and 2024, to 60,213 tonnes. The production is expected to grow, and secondary supplies, along with the output, will be sufficient to supply reactors for the short-term, added the report.

The output of existing mines will halve in the decade following 2030. This means that new mines and idle operations will need to be restarted.

The report stated that the regional market disruptions caused by Russia's invasion of Ukraine have increased the need for enriched capacity. Reporting by Eric Onstad and Editing by Louise Heavens

(source: Reuters)