Table of Contents
1 Table of contents 2
1.1 List of Tables 5
1.2 List of Figures 7
2
Introduction 9
2.1 What is this report about? 9
2.2 Global Markets
Direct’s Report Coverage 9
3 Future of the Global Uranium Industry
10
3.1 Global Uranium Industry – Future Trends 10
3.2 Potential
Areas for Investment 11
3.3 Key Growth Drivers 12
3.3.1 Growing Demand
for Nuclear Power 12
3.3.2 Emerging Nuclear Power Countries 13
3.3.3
Economic Advantages Associated with Uranium Production 15
3.3.4 Increased
Attention towards Reduction of Carbon Emissions 15
3.3.5 Plant Life
Extension (PLEX) 17
3.3.6 Oil Price Fluctuations 17
3.3.7 Economic
Advantage of Nuclear Power 18
3.4 Key Challenges 18
3.4.1 Public and
Government Opposition to Uranium Mining Activities 18
3.4.2 Uranium Price
Fluctuations 18
3.4.3 Environmental Issues in Uranium Mining and Milling
19
3.5 Analysis of Global Uranium Supply and Demand Balance 20
3.5.1
Trends in Global Uranium Demand, 2006-15 20
3.5.2 Trends in Global Uranium
Production, 2006-15 21
3.5.3 Global Uranium Supply and Demand Balance
– Gap Analysis 22
3.5.4 Uranium Production and Reactor Demand for
Major Producing and Consuming Countries, 2008 23
3.5.5 Analysis of Global
Uranium Export and Import 25
4 Global Uranium Exploration, Reserves and
Production Analysis 27
4.1 Global Uranium Reserves and Production
Analysis, 2000-15 27
4.1.1 Global Uranium Reserves and Production, 2000-15
27
4.1.2 Global Uranium Reserves and Production, by Region, 2008 28
4.2 Global Uranium Demand Analysis 29
4.2.1 Global Uranium Demand, 2006-15
29
4.2.2 Global Uranium Demand, by Region, 2008 & 2015 30
4.2.3
Estimated Uranium Demand for Top 10 Countries, 2008 and 2015 31
5 Uranium
Supply and Demand in Asia-Pacific 33
5.1 Uranium Reserves and Production
in Asia-Pacific 33
5.2 Uranium Demand in Asia-Pacific, 2006- 15 33
5.3
Armenia, Demand Analysis 36
5.3.1 Estimated Uranium Demand, 2006-15 36
5.4 Australia, Uranium Reserves and Production Analysis 37
5.4.1 Uranium
Industry Overview 37
5.4.2 Uranium Reserves and Production from Major
Mines in Australia, 2000- 15 37
5.4.3 Australia, Uranium Mining Industry
Challenges 40
5.4.4 Australia, Uranium Mining Industry Outlook 41
5.5
China, Uranium Reserves, Production and Demand Analysis 41
5.5.1 Uranium
Industry Overview 41
5.5.2 Uranium Reserves and Production from Major
Mines in China, 2000- 08 41
5.5.3 Estimated Uranium Demand, 2006-15 42
5.6 India, Uranium Reserves, Production and Demand Analysis 43
5.6.1
Uranium Industry Overview 43
5.6.2 Uranium Reserves and Production from
Major Mines in India, 2000- 08 43
5.6.3 Estimated Uranium Demand, 2006-15
45
5.7 Japan, Uranium Demand Analysis 46
5.7.1 Estimated Uranium
Demand, 2006-15 46
5.8 Kazakhstan, Uranium Reserves and Production
Analysis 47
5.8.1 Uranium Industry Overview 47
5.8.2 Uranium Reserves
and Production from Major Mines in Kazakhstan,2000-15 47
5.8.3 Uranium
Mining Industry Challenges in Kazakhstan 49
5.8.4 Uranium Mining Industry
Outlook – Kazakhstan 49
5.9 Kyrgyzstan, Uranium Exploration Analysis
49
5.10 Mongolia, Uranium Exploration Analysis 49
5.11 Pakistan,
Uranium Demand Analysis 50
5.11.1 Estimated Uranium Demand, 2006-15 50
5.12 Republic of Korea, Uranium Demand Analysis 51
5.12.1 Estimated
Uranium Demand, 2006-15 51
5.13 Taiwan, Uranium Demand Analysis 52
5.13.1 Estimated Uranium Demand, 2006-15 52
5.14 Uzbekistan, Uranium
Reserves and Production Analysis 53
5.14.1 Uranium Industry Overview
53
5.14.2 Uranium Reserves and Production from Major Mines in
Uzbekistan,2000- 08 53
6 Uranium Supply and Demand in Europe 55
6.1
Uranium Reserves and Production in Europe 55
6.2 Uranium Demand in Europe
55
6.3 Belgium, Uranium Demand Analysis 58
6.3.1 Estimated Uranium
Demand, 2006-15 58
6.4 Bulgaria, Uranium Demand Analysis 59
6.4.1
Estimated Uranium Demand, 2006-15 59
6.5 Czech Republic, Uranium Demand
Analysis 60
6.5.1 Uranium Industry Overview 60
6.5.2 Uranium Reserves
and Production from Major Mines in Czech Republic 60
6.5.3 Uranium Mining
Industry Challenges in Czech Republic 60
6.5.4 Uranium Mining Industry
Outlook – Czech Republic 60
6.5.5 Estimated Uranium Demand, 2006-15
61
6.6 Finland, Uranium Demand Analysis 62
6.6.1 Estimated Uranium
Demand, 2006-15 62
6.7 France, Uranium Demand Analysis 63
6.7.1
Estimated Uranium Demand, 2006-15 63
6.8 Germany, Uranium Demand Analysis
64
6.8.1 Estimated Uranium Demand, 2006-15 64
6.9 Hungary, Uranium
Demand Analysis 65
6.9.1 Estimated Uranium Demand, 2006-15 65
6.10
Lithuania, Uranium Demand Analysis 66
6.10.1 Estimated Uranium Demand,
2006-15 66
6.11 The Netherlands, Uranium Demand Analysis 67
6.11.1
Estimated Uranium Demand, 2006-15 67
6.12 Romania, Uranium Demand Analysis
68
6.12.1 Uranium Industry Overview 68
6.12.2 Uranium Reserves and
Production from Major Mines in Romania 68
6.12.3 Estimated Uranium Demand,
2006-15 69
6.13 Russian Federation, Uranium Reserves, Production and
Demand Analysis 70
6.13.1 Uranium Industry Overview 70
6.13.2 Uranium
Reserves and Production from Major Mines in Russian Federation 70
6.13.3
Uranium Mining Industry Challenges in Russian Federation 72
6.13.4 Uranium
Mining Industry Outlook – Russian Federation 72
6.13.5 Estimated
Uranium Demand, 2006-15 72
6.14 Slovakia, Uranium Demand Analysis 74
6.14.1 Estimated Uranium Demand, 2006-15 74
6.15 Slovenia, Uranium Demand
Analysis 75
6.15.1 Estimated Uranium Demand, 2006-15 75
6.16 Spain,
Uranium Demand Analysis 76
6.16.1 Estimated Uranium Demand, 2006-15 76
6.17 Sweden, Uranium Demand Analysis 77
6.17.1 Estimated Uranium Demand,
2006-15 77
6.18 Switzerland, Uranium Demand Analysis 78
6.18.1
Estimated Uranium Demand, 2006-15 78
6.19 Ukraine, Uranium Reserves,
Production and Demand Analysis 79
6.19.1 Uranium Industry Overview 79
6.19.2 Uranium Reserves and Production from Major Mines in Ukraine 79
6.19.3 Estimated Uranium Demand, 2006-15 80
6.20 The UK, Uranium Demand
Analysis 81
6.20.1 Estimated Uranium Demand, 2006-15 81
7 Uranium
Supply and Demand in North America 82
7.1 Uranium Reserves and Production
in North America 82
7.2 Uranium Demand in North America, 2006- 15 83
7.3 Canada, Uranium Reserves, Production and Demand Analysis 83
7.3.1
Uranium Industry Overview 83
7.3.2 Uranium Reserves and Production from
Major Mines in Canada, 2000- 15 83
7.3.3 Uranium Mining Industry
Challenges in Canada 89
7.3.4 Uranium Mining Industry Outlook –
Canada 90
7.3.5 Estimated Uranium Demand, 2006-15 90
7.4 The US,
Uranium Reserves, Production and Demand Analysis 91
7.4.1 Uranium Industry
Overview 91
7.4.2 Uranium Reserves and Production from Major Mines in the
US, 2000- 15 91
7.4.3 Uranium Mining Industry Challenges in the US 93
7.4.4 Uranium Mining Industry Outlook – the US 93
7.4.5 Estimated
Uranium Demand, 2006-15 93
8 Uranium Supply and Demand in South and
Central America 95
8.1 Uranium Reserves and Production in South and
Central America 95
8.2 Uranium Demand in South and Central America, 2006-
15 96
8.3 Argentina, Uranium Demand Analysis 97
8.3.1 Estimated
Uranium Demand, 2006-15 97
8.4 Brazil, Uranium Reserves, Production and
Demand Analysis 98
8.4.1 Uranium Industry Overview 98
8.4.2 Uranium
Reserves and Production from Major Mines in Brazil, 2000- 15 98
8.4.3
Uranium Mining Industry Challenges in Brazil 98
8.4.4 Uranium Mining
Industry Outlook – Brazil 98
8.4.5 Estimated Uranium Demand, 2006-15
99
8.5 Chile, Uranium Exploration Analysis 100
8.6 Mexico, Uranium
Demand Analysis 100
8.6.1 Estimated Uranium Demand, 2006-15 100
9
Appendix 102
9.1 Methodology 102
9.1.1 Coverage 103
9.1.2
Secondary Research 103
9.1.3 Primary Research 103
9.1.4 Forecasts
103
9.1.5 Expert Panel Validation 104
9.2 Definitions 104
9.2.1
Units of Measure 104
9.2.2 Acronyms 104
9.3 Contact Us 104
9.4
Disclaimer 104
1.1 List of Tables
Table 1: Global Uranium
Industry Growth – Impact Analysis 10
Table 2: Global Uranium
Industry – Potential Investment Areas 11
Table 3: Global Cumulative
Installed Nuclear Capacity, MW, Generation, Billion kilo Watt hours, 2000-15
13
Table 4: Key Emerging Nuclear Power Countries Planned Reactors as of
2008 14
Table 5: Estimated Carbon Emissions for Electricity Generation
from Various Sources, gCeq/kWh 16
Table 6: Overnight Capital Cost and
Electricity Cost by Fuel Type 18
Table 7: Global Uranium Demand, tU,
2006-15 21
Table 8: Global Uranium Production and Production Capacity, tU,
2006-15 22
Table 9: Uranium Production and Demand for Major Producing and
Consuming Countries, tU, 2008 24
Table 10: Natural Uranium Requirement, tU
for Different Reactor Types 25
Table 11: Global Uranium Export and Import
Analysis, 2008 26
Table 12: Electricity Production from Various Fuel Types
27
Table 13: Global Uranium Reserves and Production, Thousand tU, 2000-15
28
Table 14: Asia-Pacific, Number of Operational Reactors, Installed
Capacity, MW and Estimated Uranium Demand, tU, by Country, 2008 35
Table
15: Armenia, Uranium Demand, tU and Installed Capacity, MW, 2006-15 36
Table 16: Australia, Uranium Reserves and Production, tU, 2000-015 38
Table 17: Australia, Future Uranium Mines 39
Table 18: Australia, Uranium
Mines under Exploration 39
Table 19: China, Uranium Reserves and
Production, tU, 2000-08 42
Table 20: China, Uranium Demand, tU and
Installed Capacity, MW, 2006-15 43
Table 21: India, Uranium Reserves and
Production, tU, 2000-08 44
Table 22: India, Future Uranium Mines 45
Table 23: India, Uranium Demand, tU and Installed Capacity, MW, 2006-15 46
Table 24: Japan, Uranium Demand, tU and Installed Capacity, MW, 2006-15 47
Table 25: Kazakhstan, Uranium Reserves and Production, tU, 2000-15 48
Table 26: Kazakhstan, Future Uranium Mines 49
Table 27: Kyrgyzstan,
Uranium Mines Under Exploration 49
Table 28: Mongolia, Uranium Mines Under
Exploration 50
Table 29: Pakistan, Uranium Demand, tU, and Installed
Capacity, MW, 2006-15 51
Table 30: Republic of Korea, Uranium Demand, tU
and Installed Capacity , MW, 2006-15 52
Table 31: Taiwan, Estimated
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 53
Table 32:
Uzbekistan, Uranium Reserves and Production, tU, 2000-08 54
Table 33:
Europe, Number of Operational Reactors, Installed Capacity, MW, Uranium
Demand, tU, 2008 57
Table 34: Belgium Uranium Demand, tU and Installed
Capacity, MW, 2006-15 58
Table 35: Bulgaria, Uranium Demand, tU, and
Installed Capacity, MW, 2006-15 59
Table 36: Czech Republic, Uranium
Demand, tU And. Installed Capacity, MW, 2006-15 61
Table 37: Finland,
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 62
Table 38:
France, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 63
Table
39: Germany, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 64
Table 40: Hungary, Uranium Demand, tU, and Installed Capacity, MW, 2006-15
65
Table 41: Lithuania, Uranium Demand, tU, and Installed Capacity, MW,
2006-15 66
Table 42: The Netherlands, Uranium Demand, tU, and Installed
Capacity, MW, 2006-15 67
Table 43: Romania, Uranium Reserves and
Production, tU, 2000-08 68
Table 44: Romania, Uranium Demand, tU, and
Installed Capacity, MW, 2006-15 69
Table 45: Russian Federation, Uranium
Reserves and Production, tU, 2000-15 71
Table 46: Russian Federation,
Future Uranium Mines 72
Table 47: Russian Federation, Uranium Demand, tU
and Installed Capacity, MW, 2006-15 73
Table 48: Slovakia, Uranium Demand,
tU and Installed Capacity, MW, 2006-15 75
Table 49: Spain, Uranium Demand,
tU, and Installed Capacity, MW, 2006-15 76
Table 50: Sweden, Uranium
Demand, tU, and Installed Capacity, MW, 2006-15 77
Table 51: Switzerland,
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 78
Table 52:
Ukraine, Uranium Reserves and Production, tU, 2000-08 79
Table 53:
Ukraine, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 80
Table
54: The UK, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 81
Table 55: North America, Number of Operational Reactors, Installed Capacity,
MW, Uranium Demand, tU, 2008 83
Table 56: Canada, Uranium Reserves and
Production, tU, 2000-15 84
Table 57: Canada, Future Uranium Mines 85
Table 58: Canada, Uranium Mines under Exploration 85
Table 59: Canada,
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 91
Table 60: The
US, Uranium Reserves and Production, tU, 2000-15 92
Table 61: The US,
Future Uranium Mines 93
Table 62: The US, Uranium Demand, tU, and
Installed Capacity, MW, 2006-15 94
Table 63: South and Central America,
Number of Operational Reactors, Installed Capacity, MW, Uranium Demand, tU,
2008 96
Table 64: Argentina, Uranium Demand, tU, and Installed Capacity,
MW, 2006-15 97
Table 65: Brazil, Future Uranium Mines 98
Table 66:
Brazil, Uranium Demand tU, and Installed Capacity, MW, 2006-15 99
Table
67: Chile, Uranium Mines Under Exploration 100
Table 68: Mexico, Uranium
Demand tU, and Installed Capacity, MW, 2006-15 101
1.2 List of
Figures
Figure 1: Global Cumulative Installed Nuclear Capacity, MW,
Generation, Billion kilo Watt hours, 2000-15 12
Figure 2: Key Emerging
Nuclear Power Countries, Planned Reactors as of 2008 14
Figure 3:
Estimated Carbon Emissions for Electricity Generation from Various Sources,
gCeq/kWh 16
Figure 4: Age of Current Operational Reactors, 2009 17
Figure 5: Spot Price of Uranium, $/lb of U3O8, 2000-07 19
Figure 6: Global
Uranium Demand, tU, 2006-15 20
Figure 7: Global Uranium Production and
Production Capacity, tU, 2006-15 22
Figure 8: Global Uranium Supply and
Demand – Gap Analysis, 2006-15 23
Figure 9: Uranium Production and
Demand for Major Consuming Countries, tU, 2008 24
Figure 10: Global
Uranium Reserves and Production, tU, 2000-15 27
Figure 11: Global Uranium
Reserves and Production, Percentage Share, by Region, 2008 29
Figure 12:
Estimated Global Uranium Demand, tU, 2006-15 30
Figure 13: Estimated
Global Uranium Demand, Percentage Share by Region, 2008 and 2015 31
Figure
14: Estimated Uranium Demand for Top 10 Countries, 2008 & 2015 32
Figure
15: Asia-Pacific, Uranium Reserves and Production, Percentage Share, by
Country, 2008 33
Figure 16: Asia-Pacific, Country Standings, Uranium
Demand, tU, 2008 34
Figure 17: Asia-Pacific, Country Standings, Uranium
Demand, tU, 2008 34
Figure 18: Armenia, Uranium Demand, tU and Installed
Capacity, MW, 2006-15 36
Figure 19: Australia, Uranium Reserves and
Production, tU, 2000-015 37
Figure 20: Australia, Uranium Production from
Major Active and Planned Mines, tU, 2000-15 38
Figure 21: China, Uranium
Reserves and Production, tU, 2000-08 41
Figure 22: China, Uranium Demand,
tU and Installed Capacity, MW, 2006-15 42
Figure 23: India, Uranium
Reserves and Production, tU, 2000-08 44
Figure 24: India, Uranium Demand,
tU and Installed Capacity, MW, 2006-15 45
Figure 25: Japan, Uranium
Demand, tU and Installed Capacity, MW, 2006-15 46
Figure 26: Kazakhstan,
Uranium Reserves and Production, tU, 2000-15 48
Figure 27: Pakistan,
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 50
Figure 28:
Republic of Korea, Uranium Demand, tU and Installed Capacity , MW, 2006-15
51
Figure 29: Taiwan, Estimated Uranium Demand, tU, and Installed
Capacity, MW, 2006-15 52
Figure 30: Uzbekistan, Uranium Reserves and
Production, tU, 2000-08 53
Figure 31: Europe, Uranium Reserves and
Production, Percentage Share, by Country, 2008 55
Figure 32: Europe,
Country Standings, Uranium Demand, tU, 2008 56
Figure 33: Europe, Country
Standings, Uranium Demand, tU, 2008 56
Figure 34: Belgium Uranium Demand,
tU and Installed Capacity, MW, 2006-15 58
Figure 35: Bulgaria, Uranium
Demand, tU and Installed Capacity, MW, 2006-15 59
Figure 36: Czech
Republic, Uranium Reserves and Production, tU, 2000-15 60
Figure 37: Czech
Republic, Uranium Demand, tU And. Installed Capacity, MW, 2006-15 61
Figure 38: Finland, Uranium Demand, tU, and Installed Capacity, MW, 2006-15
62
Figure 39: France, Uranium Demand, tU, and Installed Capacity, MW,
2006-15 63
Figure 40: Germany, Uranium Demand, tU, and Installed Capacity,
MW, 2006-15 64
Figure 41: Hungary, Uranium Demand, tU, and Installed
Capacity, MW, 2006-15 65
Figure 42: Lithuania, Uranium Demand, tU, and
Installed Capacity, MW, 2006-15 66
Figure 43: The Netherlands, Uranium
Demand, tU, and Installed Capacity, MW, 2006-15 67
Figure 44: Romania,
Uranium Reserves and Production, tU, 2000-08 68
Figure 45: Romania,
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 69
Figure 46:
Russian Federation, Uranium Reserves and Production, tU, 2000-15 70
Figure
47: Russian Federation, Uranium Production from Major Active and Planned
Mines, tU, 2000-15 71
Figure 48: Russian Federation, Uranium Demand, tU,
and Installed Capacity, MW, 2006-15 73
Figure 49: Slovakia, Uranium
Demand, tU and Installed Capacity, MW, 2006-15 74
Figure 50: Slovenia,
Uranium Demand, tU, and Installed Capacity, MW, 2006-15 75
Figure 51:
Spain, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 76
Figure
52: Sweden, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 77
Figure 53: Switzerland, Uranium Demand, tU, and Installed Capacity, MW,
2006-15 78
Figure 54: Ukraine, Uranium Reserves and Production, tU,
2000-08 79
Figure 55: Ukraine, Uranium Demand, tU, and Installed Capacity,
MW, 2006-15 80
Figure 56: The UK, Uranium Demand, tU, and Installed
Capacity, MW, 2006-15 81
Figure 57: North America, Uranium Reserves and
Production, Percentage Share, by Country, 2008 82
Figure 58: North
America, Country Standings, Uranium Demand, tU, 2008 83
Figure 59: Canada,
Uranium Reserves and Production, tU, 2000-15 84
Figure 60: Canada, Uranium
Production from Major Active and Planned Mines, tU, 2000-15 85
Figure 61:
Canada, Uranium Demand, tU, and Installed Capacity, MW, 2006-15 90
Figure
62: The US, Uranium Reserves and Production, tU, 2000-15 92
Figure 63: The
US, Uranium Production from Major Active and Planned Mines, tU, 2000-15 93
Figure 64: The US, Uranium Demand, tU, and Installed Capacity, MW, 2006-15
94
Figure 65: South and Central America, Uranium Reserves and Production,
tU, 2000-015 95
Figure 66: South and Central America, Country Standings,
Uranium Demand, tU, 2008 96
Figure 67: Argentina, Uranium Demand, tU, and
Installed Capacity, MW, 2006-15 97
Figure 68: Brazil, Uranium Production
from Major Active and Planned Mines, tU, 2000-015 98
Figure 69: Brazil,
Uranium Demand tU, and Installed Capacity, MW, 2006-15 99
Figure 70:
Mexico, Uranium Demand tU, and Installed Capacity, MW, 2006-15 100
Figure
71: Global Markets Direct Methodology 102
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