Sufficient uranium resources exist to support continued use of nuclear power and significant growth in nuclear capacity for electricity generation and other uses (e.g. heat, water, hydrogen) in the near to long term. Identified recoverable resources, which include reasonably assured and inferred resources combined, at a cost category of <USD 260/kgU (equivalent to USD 100/lb U3O8), are sufficient for more than 130 years, considering the uranium requirements of the year 2020. At the end of the reporting period for this edition of the “Red Book”, when early 2021 uranium market prices were about USD 30/lb U3O8 (USD 78/kg U), only 25% of the recoverable resource base outlined in this edition of the “Red Book” could be economically brought into production, since resources with estimated mining costs greater than 80 USD/kgU cannot be profitably mined at such prices. Hence, given those market and economic conditions, identified recoverable resources at a cost category of <USD 80/kgU (equivalent to USD 30/lb U3O8, the average price of uranium in early 2021) would be sufficient for only about 30 years of global reactor-related uranium requirements, considering 2020 uranium requirement figures. At average market prices of about USD 50/lb U3O8 (USD 130/kg U), beginning in mid-2021 and sustained through the beginning of 2023, approximately 75% of the recoverable resource base could be economically brought into production, representing about 100 years of uranium requirements. Favourable prices would need to be sustained – and significant timely investment and technical expertise will be required – to turn these resources into refined uranium ready for nuclear fuel production. Global uranium demand is expected to continue to increase in the next several decades to meet large population needs, particularly in emerging economies. Since nuclear energy produces competitively priced, low-carbon baseload electricity and enhances the security of energy supply, it is projected to remain an important component in the mix of low carbon energy supply. The abundance of low-cost natural gas in North America and the risk-averse investment climate have reduced the competitiveness of nuclear power plants in some liberalised electricity markets. Government and market policies that recognise the benefits of low-carbon electricity production and the security of energy supplied by nuclear power plants could help alleviate these competitive pressures. In 2021 and 2022, the perception of nuclear energy as a strategic resource for energy independence has started to change in many countries, as reflected by recent government nuclear energy policy changes. Noting that this was also due to the dramatic European energy crisis of 2022 brought by the shifting geopolitical situation, the 2024 edition of the “Red Book” will aim to provide a fuller picture of the implications of these developments on uranium demand and supply. After a period of reductions in uranium production, slowed investment and comparatively low prices, it remains to be seen whether the quickly evolving market and policy environment will provide incentives for the uranium market to expand substantially in the coming decades. Source : International Atomic Energy Agency (IAEA) www.oecd-nea.org/upload/docs/application/pdf/2023-04/