Uranium Report 2019 Everything you need to know about uranium! - Swiss Resource Capital AG
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Uranium Report 2019
Everything you need to know about uranium!
www.resource-capital.ch | info@resource-capital.ch
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eCobalt Solutions Inc.
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Table of Contents Imprint
Commodity-TV
The whole world of commodities
in one App!
ad
Downlo App
ique
our un e! Disclaimer 02
for fre
Table of Contents | Imprint 07
Preface09
Climate change and the electric revolution make it necessary to rethink
the power supply. - Nuclear energy is the only base load-capable
energy source that can manage the balancing act between an
enormously increasing demand for electricity and clean energy generation! 10
Interview with Dr. Christian Schärer – Manager of the Uranium
Resources Fund and partner of Incrementum AG 20
Interview with Scott Melbye – Executive Vice President of
Uranium Energy, Commercial V.P. of Uranium Participation Corp.
and Advisor to the CEO of Kazatomprom 24
Editor
Swiss Resource Capital AG
Company profiles Poststr. 1
9100 Herisau, Schweiz
Tel : +41 71 354 8501
Appia Energy 30 Fax : +41 71 560 4271
info@resource-capital.ch
Denison Mines 35 www.resource-capital.ch
Watch Management & Expert Interviews, Site-Visit-Videos, Energy Fuels 40 Editorial staff
News Shows and receive top and up to date Jochen Staiger
Fission Uranium 45 Tim Rödel
Mining Information on your mobile device worldwide!
GoviEx50 Layout/Design
Frauke Deutsch
Amazing features: Laramide Resources 55
All rights reserved. Reprinting
• Company Facts Skyharbour Resources 59 material by copying in electronic
• Global Mining News form is not permitted.
Uranium Energy 64
• Push Notofications Deadline 09/30/2018
• Commodity-TV, Rohstoff-TV and Dukascopy-TV
powered by: cover photo: © angellodeco/stock.adobe.com
• Live Charts All images and graphics are, unless otherwise
• JRB-Rohstoffblog stated, by the companies.
Back: photo 1, 2, 3: flickr.com/photos/nrcgov
photo 4: TTstudio / shutterstock.com
Charts 10/22/2018
6 7
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz | www.resource-capital.ch www.resource-capital.ch | info@resource-capital.ch
Preface
Dear Readers,
We are now entering the second year of our resting companies of the industry with facts Jochen Staiger is founder and
uranium report. Uranium is a „hot potato“, but and figures. This is to be understood as a sug- CEO of Swiss Resource Capital
not many investors have recognized this yet gestion and not as a buy recommendation sin- AG, located in Herisau,
and have not yet positioned themselves ac- ce there are only very few listed companies at Switzerland. As chief-editor and
cordingly. However, without energy producti- all. „There‘s really only one technology that we founder of the first two resource
on from uranium, i.e. nuclear power plants, we know of that supplies carbon-free power at IP-TV-channels Commodity-TV
will have a huge global problem in the stable the scale modern civilization requires, and that and its German counterpart
supply of basic energy. The electric revolution, is nuclear power“ - Ken Caldeira of Stanford Rohstoff-TV, he reports about
above all electromobility, would thus be no- University‘s Department of Global Ecology. companies, experts, fund
thing more than a beautiful dream. Because managers and various themes
according to popular opinion, electricity co- Raw materials are the basis of our entire eco- around the international mining
mes from the socket, so no problem. Only nomic coexistence. Without raw materials the- business and the correspondent
hardly anyone thinks about how the electricity re are no products, no technical innovations metals.
gets into the socket. and no real economic life. We need a reliable
and constant basic energy supply for our
Our series of special reports started with lithi- highly industrialized world.
um and silver, but these reports have since
evolved into battery metal and precious metal Swiss Resource Capital AG has set itself the
reports. Closely connected to the battery me- task of providing interested people with com-
d R o h s t o f f - T V get tals (the main components of lithium-ion bat- prehensive information on metals, raw materi-
an
Commodity-TV
teries, the heart of every electric vehicle) is the als and various listed mining companies. On
rves!
base load-capable power supply(charge) of our website www.resource-capital.ch you will
re n e s s it d e s e the batteries, and thus either the combustion find 20 companies from various raw material
u r c o m p a n y t h e awa of coal, gas or oil or the use of uranium as a sectors as well as a lot of information and ar-
yo fuel element in nuclear power plants. There
are no other base-load-capable energy gene-
ticles about raw materials.
ration methods as long as no adequately large With our Special Reports we want to give you
storage facilities have been created for electri- insights and provide you with comprehensive
city from renewable energy sources. This re- information. In addition, you have the oppor-
port is intended to give the reader an overview tunity to always inform yourself through
of the uranium industry and the real facts as our two raw material IPTV channels
well as the global energy supply from nuclear www.Commodity-TV.net & www.Rohstoff-TV. Tim Roedel is chief-editorial- and
power. China in particular needs nuclear pow- net free of charge. For the mobile everyday chief-communications-manager
er in order not to suffocate, as most of the life, you can download our newly developed at SRC AG. He has been active in
electricity is still generated by coal-fired power Commodity-TV App for iPhone and Android the commodity sector since 2007
plants. At the same time, several of the top onto your smartphone. Here you get real-time and held several editor- and
uranium producers have announced that they charts, stock quotes, indices and the latest vi- chief-editor-positions, e.g. at the
will artificially reduce their production in or deos automatically to your mobile phone no publications Rohstoff-Spiegel,
from 2018 in order to bring the uranium spot matter where you are. My team and I hope you Rohstoff-Woche, Rohstoffraketen,
price back to a level that is essential for the enjoy reading the Uranium Special Report and Wahrer Wohlstand and First
survival of most companies and to put pressu- that we can provide you with lots of new infor- Mover. He owns an enormous
re on the energy companies to renegotiate mation, impressions and ideas. Only those commodity expertise and a
their supply contracts, which are due to expire who are well informed will be able to win and wide-spread network within the
shortly. preserve their assets in these difficult times. whole resource sector.
In addition, we conducted interviews with ex- Yours, Jochen Staiger
perts Scott Melbye and Dr. Christian Schärer
on the uranium markets and future develop-
ments. Of course, we also present some inte-
9
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Climate change and the electric revolution make it
necessary to rethink the power supply. – Nuclear energy is
the only base load-capable energy source that can manage
the balancing act between an enormously increasing
demand for electricity and clean energy generation!
Global energy demand has multiplied since cilities, or nuclear power, which can provide a The uranium isotope 235U is fissionable by Uranium production
the late 1980s. Nuclear power currently covers great deal of energy in a CO²-neutral manner. thermal neutrons and is therefore the only
about 11.5% of the world‘s total energy needs. Some countries have long recognised this known naturally occurring nuclide, apart from
However, fossil fuels, such as coal and crude possibility of fast and almost clean energy ge- the extremely rare plutonium isotope 239Pu, There are basically two different methods of
oil, are still burned primarily to generate ener- neration and are now pushing ahead with the with which nuclear fission chain reactions are uranium extraction: Conventional conveying
gy. The difference to the situation about 25 construction of new nuclear power plants. possible. For this reason, it is used as a pri- and recovery by means of in-situ leaching or
years ago lies in the increasing demand for the mary energy source in nuclear power plants in-situ recovery (ISR). The exact extraction
reduction of CO² emissions and the increa- and nuclear weapons. method depends on the properties of the ore
singly noticeable phenomenon of „global war- Supply gap unavoidable in the body, such as depth, shape, ore content, tec-
ming“. Above all, the energy-guzzling industri- future tonics, type of host rock and other factors.
al nations and the emerging markets will have
[RN] 5f36d17s2 3
to increase their energy efficiency and improve Even now, however, only 90% of the world‘s
U
their carbon footprint in the coming years. The uranium requirements can be met from produ- Conventional production
second important point is the electric revoluti- cing mines. However, the number of nuclear
on that is about to begin, which will not only reactors is likely to double again in the next 10 Most of the uranium is extracted in under
allow us to move almost 100% electrically in a to 20 years. The previous main supplier of ura- ground mining. The deposits are accessed via
few years‘ time, but will also bring with it a nium - Russia‘s arsenal of nuclear weapons - Melting Point 1406 K shafts, tunnels, ramps or spirals. Problems are
huge, additional surge in demand for clean has virtually ceased to exist. Then where Boiling Point 4203 K often caused by the ingress of mine water and
energy. would the uranium come from? Existing mines URANIUM by so-called ventilation (technical measures to
This cannot be achieved by burning coal and can be expanded and new mines opened, but supply mines with fresh air). The exact mining
oil, firstly, and secondly, one would lie one‘s not at the current uranium spot price of appro- method is chosen according to the characteri-
own pocket with it. The alternatives are rene- ximately US$27.50 per pound. An enormous stics of the deposit. Above all, the shape of
supply gap seems unavoidable - at least at the Occurrences the ore bodies and the distribution of the ura-
current market price. And this is exactly where nium in them are decisive. In underground mi-
investors should start now - with a strongly ri- Uranium does not occur dignified in nature, ning, an ore body can be mined in a targeted
Base load capacity, what is that? sing uranium spot price and an inevitable se- but always in minerals containing oxygen. manner, resulting in much less overburden
cond uranium (stock) boom. There are a total of around 230 uranium mine- than in open pit mining.
Base load capacity is the ability of a power plant to continuously and rals that can be of local economic importance. Near-surface or very large ore bodies are pre-
reliably supply electrical energy. These include nuclear power plants, There is a wide range of uranium deposits ferably mined by open pit mining. This enables
coal-fired power plants, gas-fired power plants, oil-fired power plants from magmatic hydrothermal to sedimentary the use of cost-effective large-scale technolo-
and steam power plants fired with substitute fuels. Block-type thermal What‘s uranium? types. gy. Modern open pit mines can be a few met-
power stations, biomass and biogas power stations can also be base The highest uranium grades are achieved in res to over 1000 metres deep and can reach
load-capable under certain conditions, but fossil or renewable raw ma- unconformity-bound deposits with average several kilometres in diameter. Open pit mi-
terials must also be burned for this purpose. The only base-load-ca- One of only two elements where uranium grades of 0.3 to 20 %. These are cur- ning often produces large amounts of overbur-
pable electricity generation from renewable energy is from hydroelectric nuclear fission chain reactions are rently also the two largest uranium producers. den. As in civil engineering, large quantities of
power plants, but this often requires a major intervention in nature. possible The Earth‘s largest single uranium resource is water may have to be pumped for an opencast
Photovoltaic and wind power plants are not base load-capable due to Olympic Dam with a proven uranium content mine, but ventilation is less of a problem.
their often strongly fluctuating generation and thus feeding into the grid. Let‘s get to the element of uranium itself. Ura- of over 2 million tonnes and an average urani-
nium is named after the planet Uranus and is a um content of approximately 0.03%.
chemical element with the element symbol U According to the International Atomic Energy ISR production
and the atomic number 92. Uranium is a metal Agency (IAEA), the largest uranium reserves
wable energies, which, however, require an whose all isotopes are radioactive. Uranium are in the USA, Niger, Australia, Kazakhstan, With the ISR method, water and small amounts
enormous amount of time and money and, in naturally occurring in minerals consists of Namibia, South Africa, Canada, Brazil, Russia, of CO2 and oxygen are injected into the
addition, are not nearly capable of base loads about 99.3 % of the isotope 238U and 0.7 % Ukraine and Uzbekistan. sandstone layers with the aid of injection
without the lack of larger electricity storage fa- of 235U. wells, uranium is dissolved out and pumped
10 11
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back to the surface for further processing with The Current Status of the reactors alone have been put into operation
the aid of recovery wells. So the whole pro- Uranium Market since the beginning of 2018. The expansion of
cess is completely underground. The advanta- nuclear power in China is therefore enormous
ges of this process are obvious: no large earth But what about today‘s uranium market? and is taking place at breathtaking speed! Ne-
movements as in open-pit operation have to What is certain is that the last 40 years of la- vertheless, more than two thirds of China‘s
be carried out, no spoil heaps or discharge cking investments in the procurement struc- energy consumption is still generated by co-
basins for heavy metals and cyanides are cre- ture - i.e. in the infrastructure of mines and al-fired power plants. And although China mi-
ated. Only the wells are visible on the surface, processing plants - will most likely prove to be nes its own coal deposits on a large scale, it is
the areas around the wells can continue to be a stroke of luck for uranium investors in the one of the largest coal importers in the world
farmed without restrictions. The ISR process future! alongside India. 30% of the coal mined world-
also makes depots with low grades economi- Despite the fact that, at the latest since the wide is imported into these two countries alo-
cally mineable, and the capital costs for mine Chernobyl catastrophe and even more so after ne. A certain dependence on these coal im-
development are greatly reduced. In addition, the events surrounding the nuclear facilities in ports is obvious. And it is precisely this that the
the entire process must be carried out with a the Japanese Fukushima Front, the number of leadership of the People‘s Republic is trying to
minimum of manpower, which also drastically nuclear facilities worldwide has already rea- avoid. The obligation to establish climate-fri-
reduces operating costs. According to a study ched a record level. Just 30 countries current- endly and clean energy production facilities is
by the World Nuclear Association, 25% of the ly operate (as of 30 September 2018) 454 re- becoming almost a minor matter.
uranium mined outside Kazakhstan recently actors with a total net electrical output of The state-owned power plant manufacturer
Overview of the reactors currently in came from ISR mines. around 399.3 gigawatts. Power Construction Corporation of China (Bei- rily as a result of rising prosperity - and a cata- Overview of the reactors currently under
operation in each country jing) predicted in autumn 2015 that its country strophic carbon footprint, China‘s path seems construction in each country
(Source: www.iaea.org/PRIS) The USA is currently the leading nuclear pow- would rise to become one of the world‘s lar- logical. (Source: www.iaea.org/PRIS)
er nation with 98 reactors in operation. Howe- gest nuclear power users after the Chinese go-
ver, emerging economies such as China and vernment plans to build more than 80 new
India are in particular need of more and more nuclear reactors in the next 15 years and more India massively expands civil
energy and have been focusing for some time than 230 by 2050. According to information nuclear program
now on massively expanding their nuclear po- from China Power, the new five-year plan for
wer capacities. So, it is not surprising that 55 the energy industry, scheduled for adoption by India is following a similar path. The world‘s
more nuclear reactors are currently under con- the National People‘s Congress in March 2016, second most populous state plans to expand
struction. Planning has already been comple- envisages a more rapid expansion of nuclear its nuclear energy capacity by 70 gigawatts. By
ted for 152 more and 335 more are in the pipe- capacity than previously: So far, the capacity contrast, India‘s current total net electrical out-
line. After almost 20 years of stagnation, there should rise to 58 gigawatts in the next five ye- put of around 6.2 gigawatts seems downright
are signs of a renaissance for the uranium sec- ars; now more than 90 gigawatts are under dis ridiculous.
tor - especially in China. cussion. In the year 2005, only 40 gigawatts India, however, has overslept its entry into the
were planned until 2020. By 2030, 110 reactors nuclear energy market and is now desperately
should be connected to the grid. In 2016 alone, looking for exploitable deposits, but is also ha-
China began building 6 new reactors. A total of ving to expand its overloaded power grid. A
The demand situation 18 nuclear reactors are currently under const- tenfold increase in nuclear energy capacities
ruction. In drafts for the energy industry, US$ not only seems sensible, but also urgently
75 billion are initially earmarked for nuclear ex- necessary.
China is only at the beginning of pansion by 2020. In a further step, China‘s India itself has hardly any significant uranium
the nuclear age nuclear power generation is to be expanded to deposits. An expansion of its own nuclear
120 to 160 gigawatts by 2030! energy capacities by a factor of ten would at
While many self-proclaimed experts had alrea- While in Germany, shortly after the events in the same time mean a 10% increase in total
dy predicted the end of the nuclear age, it is Fukushima, the abolition of electricity generati- nuclear power generation worldwide.
still in its infancy in the world‘s most populous on from nuclear energy was sealed, China has But where will the additional uranium come
country. 44 reactors with a total net electrical decided exactly the opposite and is doing from? Currently, only a few of India‘s 22 nucle-
output of 40.6 gigawatts operate the Middle everything in its power to produce cheap elec- ar reactors are operating at full capacity. While
Kingdom, where coal has been used primarily tricity by means of a chain reaction. In view of Japan, China, Russia and South Korea in par-
to generate electricity so far. Of these, 5 new an ever-increasing demand for energy - prima- ticular have been able to secure uranium re-
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Overview of the currently running reactors rising continuously. So the USA has no choice the plant operators have not yet taken care of
(blue), the currently shut down reactors but to increase the number of nuclear reactors a replacement for these delivery quantities.
(grey), the reactors under construction (green) in the coming years. Of course, climate-friend- The forward transactions of the plant opera-
and the permanently shut down reactors ly energy is also provided by photovoltaic sys- tors are therefore strongly declining, and thus
(red). China, India, South Korea, Russia, the tems, wind farms, hydroelectric power plants the quantities required are also increasing, for
United Arab Emirates and the USA, in or geothermal energy, but these energy pro- which there is no contractual obligation yet,
particular, are currently working increasingly ducers can only solve acute energy problems but which must be contractually secured in
on expanding their reactor fleets. to a limited extent because they are very cost- the future. Uncovered demand is expected to
(Source: www.iaea.org/PRIS) ly on the one hand and their performance fluc- be just under one billion pounds U3O8 over the
tuates depending on the time of day and we- next 10 years. At the same time, more than
ather conditions on the other. What therefore 75% of the reactor requirements to be expec-
remains as the only climate-friendly energy ted are not contractually secured until 2025.
generation option is nuclear power. In view of With a commodity as little traded as uranium,
the volume of additional electricity required in this return to more „normal“ long-term cont-
the next two to three decades, renewable racts is likely to put enormous pressure on
energies can only serve as an admixture to the both long-term and spot prices. As a result,
overall energy mix. international plant operators are now increa-
It is precisely for this reason that the Clean singly seeing signs of increased buying activi-
Energy Act of 2009, a programme to provide ty, which is very encouraging.
carbon-free energy, has already created a law
sources worldwide in recent years, India has Increasing global expansion of to increase and promote energy generation
completely missed this opportunity. Only nuclear energy using nuclear power. Both U.S. government Summary
recently have several purchase agreements parties have drawn up an $18.5 billion plan to
been concluded with companies from the In addition to the 30 nations that already have double nuclear capacity by 2030. In early The fact is that there are currently 454 reactors
USA, Canada, Namibia, Kazakhstan, Russia, nuclear reactors on the grid, another 17 states 2010, President Obama announced that the on the grid and at least 335 more will be added
Great Britain and South Korea. are planning to install nuclear power plants. U.S. government will add $36 billion to the by 2030. 55 plants are already under construc-
There are currently 7 nuclear reactors under These include Egypt, the United Arab Emirates 2011 federal budget for state guarantees to tion, a further 150 are in the concrete planning
construction in India, with another 40 to follow (four reactors under construction), Jordan, Tur- build a new generation of nuclear reactors. phase. Even if half of the old reactors were to
by 2050. key and Indonesia. This meant a threefold increase in the budget be taken off the grid by then, between 550 and
originally planned. 600 reactors would be active by 2030.
In recent years, an application has been made Furthermore, about 90% of all long-term sup-
Russia and Brazil with increasing Energy collapse threatens the USA for more than 60 US nuclear reactors to ex- ply contracts between uranium producers and
nuclear capacity in particular tend their operating life to 60 years. In additi- energy generating companies expire by the Overview of the age of the currently running
on, there are 40 applications for the construc- end of 2020, which is likely to bring the estab- reactors. Many will (have to) be replaced by
Russia and Brazil have also announced massi- The USA occupies a special position. With 98 tion of new nuclear power plants to be lished nuclear power nations such as the USA more powerful ones in the coming years.
ve expansion of their nuclear power plants. reactors, these have by far the largest nuclear connected to the grid by 2025. So far, howe- into trouble. (Source: www.iaea.org/PRIS)
Russia currently operates 37 nuclear reactors power plant fleet in the world. Nevertheless, ver, only 2 plants are under construction, a
with about 28.3 gigawatts. 6 plants are in the the USA is threatened with a collapse in its further 14 are in the concrete planning phase.
construction phase. In addition, Russia plans energy supply. The United States is still the
to build 47 more nuclear power plants, which country with the highest per capita consump-
will increase the share of nuclear energy in the tion of electricity in the world. And the Ameri- Long-term supply contracts expire
Russian energy mix from currently 16% to over cans‘ hunger for energy is growing. Moreover, shortly
20%. In a further step, Russia wants to increa- the USA is still faced with the question of how
se this quota again to 25%. to achieve the CO² reductions agreed in Kyoto The previous cycle of contracts, dominated by
Brazil currently operates only one nuclear po- and Paris. Many of the coal-fired power plants the peak uranium prices in 2007 and 2010,
wer plant with two reactors. A third reactor is still dating from the 1950s and 1960s operate has led plant operators to enter into contracts
under construction and should be connected inefficiently and uneconomically. They need to with higher price levels and very long terms of
to the grid in 2019. Another 4 reactors are to be be taken off the grid sooner rather than later. around 8 to 10 years. On the one hand, these
built by 2030. Electricity consumption, on the other hand, is old contracts expire, but on the other hand,
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The supply situation the ground. After the end of the Cold War, dis January 2018. The Rabbit Lake mine has also will rise to 140,000 tonnes of uranium in 2030
armed nuclear weapons became the most im- been closed, both of which are among the ten as a result of the construction of new nuclear
portant source of uranium for the US. This led largest uranium mines in the world. power plants.
Established producers are running to a decline in American uranium production
out of air from 23,400 to just over 1,000 tons of uranium
per year. As a direct consequence, most of the Supply gap inevitable Summary
The established uranium producing nations infrastructure and approved production facili-
Australia, Canada, Russia and Niger have pro- ties were simply closed or completely dis- Despite the massive expansion of production The supply side is currently undergoing uphea-
blems further expanding their production. All mantled. Currently, there are only a few mines in Kazakhstan in recent years, there will be a val in the uranium sector. Secondary supply
four countries together produced just under left in Texas, Arizona and Wyoming. large supply gap in the uranium sector in the from Russia‘s disarmed nuclear stocks is be-
26,835 tonnes of uranium in 2016. In 2009, it foreseeable future. Such a thing already exists coming less and less important. Whereas in
was 28,000 tons of uranium. Australia is facing de facto. However, it has always been possible 2006 37% of demand was covered by disar-
recurring problems at BHP Billiton‘s Olympic Kazakhstan – the new uranium to compensate for this with uranium-capable med nuclear weapons, the figure is now just
Dam Mine, by far the most productive uranium superpower material from atomic scrap. But the nuclear 9%. At the same time, however, the number of
mine in the country. In Canada, the start of power industry already consumes about 10% nuclear reactors will rise sharply. The establis-
production at Cameco‘s McArthur River Mine While almost all established uranium pro- more uranium than is currently being pro- hed uranium producers will not be able to
had to be postponed umpteen times, as large ducers have difficulties rebuilding or expan- duced. At the current level of 454 nuclear reac- completely cover this equally volatile increase
quantities of groundwater penetrated again ding their uranium production, one region has tors worldwide, consumption is around 70,000 in demand - at least not at the current uranium
and again. In Niger, mine openings that were now moved past all other countries to the top tons of uranium, of which only around 60,000 spot price of US$ 27 per pound of U3O8. So
also planned had to be postponed. of uranium production: Central Asia. Kazakh tons are covered by global uranium producti- where will the more uranium we need in the Important events around the uranium market
stan, in particular, has been able to multiply its on. The International Atomic Energy Agency future come from? of the last 15 years.
uranium production there in the last ten years. (IAEA) estimates that global uranium demand (Source: Laramide Resources)
US uranium production down to Uranium production in the former Soviet Re-
earth public increased from 1,870 tonnes in 2000 to
over 24,500 tonnes in 2016. In 2009, Kazakh-
The situation in the USA is even more threa- stan also overtook Canada, the previous lea-
tening. Although the Obama administration der, and is now responsible for almost 40% of
decided in 2010 on a US$54 billion program to the world‘s uranium production.
promote the nuclear power industry, it is far
from clear where the uranium needed to ope-
rate the reactors will come from. The uranium Massive production cuts have
industry in the USA is only a shadow of days already been initiated
gone by. Over the last 40 years, virtually no-
thing has been invested in the development of But although Kazakhstan is one of the nations
new deposits and nearly 95% of the uranium that can currently mine uranium at the lowest
required has been extracted from disarma- cost, the country is no longer prepared to
ment programmes. US nuclear reactors alrea- squander its uranium reserves at the lowest
dy consume about 18,000 tons of uranium possible prices. In early 2017, the state-owned
annually. Accordingly, an increase in capacity Kazatomprom Group announced that it would
would entail an increase in the quantity of ura- cut its uranium production by at least 20% in
nium required. The World Nuclear Association 2017. In May 2018 Kazatomprom announced
(WNA) expects that in 2025, in the USA alone, further production cuts. That would remove 1. Early 2000s: Major mine disruptions 6. Dec. 2017: Kazatomprom cuts supply by 9. July 2018: New uranium investment fund
about 40,000 tons of uranium will be needed about 2,500 tons of uranium from the market. following U3O8 price at all-time low 20%. Yellow Cake launches IPO.
annually. Even at the heydays of US uranium But Kazatomprom is not the only uranium pro- 2. Mid to late 2000s: Utility Contracting 7. May 2018: Kazakh announcement of 10. Ongoing in 2018: Reactor restarts are
production in the 1960s and 1970s, it would ducer who is betting on production cuts in 3. March 2011: Fukushima possible future cuts. continuing in Japan.
not have been possible to produce such a view of the ridiculous price of uranium. Urani- 4. Late 2016-2017: Kazatomprom cuts 8. Ongoing: U.S. government continues to
quantity from one‘s own facilities. U.S. urani- um major Cameco also announced correspon- 5. Nov. 2017: Cameco announces production announce further support for nuclear
um production peaked in 1980, when some ding production cuts and closed its McArthur suspension for Jan. 2018, removing power industry in United States.
29,000 tons of uranium were extracted from River mine and Key Lake facilities indefinitely in 1.2Mlbs per month
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