Translation. Region: Russian Federal
Source: International Atomic Energy Agency –
Until 2050 and beyond, uranium reserves will be sufficient for both the continued use of nuclear energy and for significant growth. However, to ensure that uranium is available on the market when needed, timely investment in new exploration, mining, and processing technologies will be needed.
These are some of the main findings of the latest publication of 2024. “Uranium: Resources, Production and Demand”, commonly known as the Red Book, is a major global reference publication prepared every two years jointly by the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA).
The Red Book 2024 provides the latest comprehensive overview of the main characteristics of the uranium market based on official national data, as well as detailed statistics on the global uranium industry. The publication covers the calendar years 2021 and 2022 and contains data on uranium exploration, reserves and production. In addition, the report includes 62 country profiles that provide detailed information on mine development plans, environmental and social aspects of uranium mining, as well as national regulations and policies.
According to the Red Book, as of 1 January 2023, the world’s indicated recoverable uranium resources were 7,934,500 tonnes. This includes all reasonably proven and inferred uranium resources that could be extracted at market prices between US$40 and US$260 per kilogram of uranium (equivalent to US$15–100 per pound of U3O8). Compared with the 2022 edition, this represents an increase of less than 0.5%. However, the uranium resource base could be replenished from undiscovered or unconventional sources, driven by the sharp rise in uranium spot prices since mid-2021 and the commitment to triple nuclear power generation capacity by 2050, first announced at COP28 and now signed by 31 countries.
After a period of decline caused by unfavourable market conditions and the COVID-19 pandemic, global exploration and development spending has increased sharply. In 2022, annual spending reached US$800 million, and preliminary data for 2023 allow us to forecast a further increase to US$840 million.
The Red Book also provides projections of installed nuclear capacity and uranium demand to 2050, describing low-growth and high-growth scenarios and assessing the adequacy of uranium supply and demand under each scenario. According to these projections, the uranium resource base is sufficient to meet rapidly growing nuclear energy needs to 2050 and beyond. However, significant investment in new exploration, improved processing technologies, and new mining centers will be needed to replenish reserves.
Production increased by 4% between 2020 and 2022, and the report says this growth is likely to continue in the coming years. The establishment of new mining centres is expected to take a significant amount of time due to the current risk-averse investment climate and complex and lengthy regulatory processes in many uranium mining jurisdictions. Geopolitical concerns and the technical challenges associated with establishing new uranium mining and processing facilities could further complicate the situation. Therefore, action is needed now to ensure adequate uranium supply in the medium term.
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The Nuclear Energy Agency (NEA) is an intergovernmental agency within the Organisation for Economic Co-operation and Development (OECD). It promotes cooperation among countries with advanced nuclear technology infrastructure to achieve advances in nuclear safety, technology, science, related environmental and economic issues, and law.
The International Atomic Energy Agency (IAEA) is the world’s leading intergovernmental forum for nuclear scientific and technical cooperation. It promotes the safe, secure and peaceful use of nuclear science and technology, contributing to international peace and security and the achievement of the United Nations Sustainable Development Goals.
The Joint NEA/IAEA Uranium Group contributes to each edition of Uranium: Resources, Production and Demand. The Group also coordinates the preparation of periodic assessments of world natural uranium supply, examines the relationship of supply to projected demand, and recommends actions that can be taken to ensure adequate long-term supplies of uranium for the development of nuclear energy.
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