URANIUM SUPPLIES

 

The main use of uranium, in the civilian sector, is to fuel commercial nuclear plants, but uranium is a finite resource.

 

In nature uranium exists in 3 isotopic forms, commercial nuclear power plants typically use uranium that is enriched to 3% uranium 235 (Wikipidea May 2008).

 

Uranium has to be mined. Known uranium ore resources that can be mined at about current costs are estimated to be sufficient to produce fuel for about 85 years based on the 2004 nuclear electricity generation rate.(Global uranium resources projected demand IAEA).

 

Most uranium mining is volume intensive because uranium is present in relatively low concentrations in the ore, thus mainly tends to be undertaken as open pit mining.

 

Uranium is found everywhere on earth, however most deposits are found in concentrations of about 0.02-0.01%. This means that around 9800 tonnes of rock has to be mined and milled to yield 1 tonne of uranium. At these levels mining and milling is uneconomic and uses more energy to recover it than it will ultiminately produce (The Ecologist).

 

There is however, a more pressing problem for the industry as uranium is a finite fuel and it is running out. Nuclear power currently generates 2.5% of the worlds electricity supply. In industrialised countries such as the USA, UK. And Japan nuclear generates in the region of 17-20% of electricity. All these countries are talking about increasing their nuclear capacity. The Government’s chief scientist Sir David King has talked about doubling capacity in the UK. to around 30%. Japan envisages building another 30 reactors and the USA. around 10-15. If nuclear capacity doubles in size then the ore is going to run out in 20 years.

 

Under these circumstances there is no guaranteed price stability, the spot market for uranium prices has risen 600% in the past 4 years amid talk that nuclear capacity is to double in size.

 

Understandably the nuclear industry is seeking to assure its potential markets that any uranium shortage will be addressed. To that end it has be been looking at alternative sources. Notably extracting uranium fro granite and seawater. Both are fantastical.