The uranium bubble of 2007 was a period of nearly exponential growth in the price of natural uranium, starting in 2005 [2] and peaking at roughly $300/kg (or ~$135/lb) in mid-2007.[ citation needed ] This coincided with significant rises of stock price of uranium mining and exploration companies. [3] After mid-2007, the price began to fall again and at the end of 2010, was relatively stable at around $100/kg. [4]
The upward trend for the prices of uranium was already apparent since 2003. This prompted increases in mining activity. A possible direct cause for the bubble is the flooding of the Cigar Lake Mine, Saskatchewan, which has the largest undeveloped high-grade uranium ore deposits in the world. This created uncertainty about short-term future of the uranium supply. [3] Other factors are speculation triggered by growing expectations around India and China's nuclear programs, and a reduction in available weapons-grade uranium. [5] The bubble coincided with renewed discussions regarding a renaissance of nuclear power.
The impact of the bubble on nuclear power generation was small, as most power plants have long-term uranium delivery contracts, [6] and the price of natural uranium makes up only a small fraction of their operating cost. However, the sharp fall in prices after mid-2007 caused a lot of new companies focused on exploration and mining to lose their viability and go out of business. [3] Due to increased prospecting, known and inferred reserves of uranium have increased by 15% between 2005 and 2007. [7]
A non-renewable resource is a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption. An example is carbon-based fossil fuels. The original organic matter, with the aid of heat and pressure, becomes a fuel such as oil or gas. Earth minerals and metal ores, fossil fuels and groundwater in certain aquifers are all considered non-renewable resources, though individual elements are always conserved.
Cameco Corporation is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada. In 2015, it was the world's second largest uranium producer, accounting for 18% of world production.
The uranium market, like all commodity markets, has a history of volatility, moving with the standard forces of supply and demand as well as geopolitical pressures. It has also evolved particularities of its own in response to the unique nature and use of uranium.
Uranium mining is the process of extraction of uranium ore from the ground. Over 50,000 tons of uranium were produced in 2019. Kazakhstan, Canada, and Australia were the top three uranium producers, respectively, and together account for 68% of world production. Other countries producing more than 1,000 tons per year included Namibia, Niger, Russia, Uzbekistan and China. Nearly all of the world's mined uranium is used to power nuclear power plants. Historically uranium was also used in applications such as uranium glass or ferrouranium but those applications have declined due to the radioactivity and toxicity of uranium and are nowadays mostly supplied with a plentiful cheap supply of depleted uranium which is also used in uranium ammunition. In addition to being cheaper, depleted uranium is also less radioactive due to a lower content of short-lived 234
U and 235
U than natural uranium.
Uranium in the environment is a global health concern, and comes from both natural and man-made sources. Beyond naturally occurring uranium, mining, phosphates in agriculture, weapons manufacturing, and nuclear power are anthropogenic sources of uranium in the environment.
Mining in Iran is still under development, yet the country is one of the most important mineral producers in the world, ranked among 15 major mineral-rich countries, holding some 68 types of minerals, 37 billion tonnes of proven reserves and more than 57 billion tonnes of potential reserves worth $770 billion in 2014. Mineral production contributes only 0.6 percent to the country's GDP. Add other mining-related industries and this figure increases to just four percent (2005). Many factors have contributed to this, namely lack of suitable infrastructure, legal barriers, exploration difficulties, and government control.
Uranium mining in the United States produced 224,331 pounds (101.8 tonnes) of U3O8 in 2023, 15% of the 2018 production of 1,447,945 pounds (656.8 tonnes) of U3O8. The 2023 production represents 0.4% of the uranium fuel requirements of the US's nuclear power reactors for the year. Production came from five in-situ leaching plants, four in Wyoming (Nichols Ranch ISR Project, Lance Project, Lost Creek Project, and Smith Ranch-Highland Operation) and one in Nebraska (Crowe Butte Operation); and from the White Mesa conventional mill in Utah.
Uranium One is an international group of companies, part of the management circuit of the TENEX Group of Rosatom State Corporation. Since 2013, it is a wholly owned subsidiary of Moscow-based Uranium One Group, a part of the Russian state-owned nuclear corporation Rosatom.
The mineral industry of Russia is one of the world's leading mineral industries and accounts for a large percentage of the Commonwealth of Independent States' production of a range of mineral products, including metals, industrial minerals, and mineral fuels. In 2005, Russia ranked among the leading world producers or was a significant producer of a vast range of mineral commodities, including aluminum, arsenic, cement, copper, magnesium compounds and metals, nitrogen, palladium, silicon, nickel and vanadium.
Mining is the biggest contributor to Namibia's economy in terms of revenue. It accounts for 25% of the country's income. Its contribution to the gross domestic product is also very important and makes it one of the largest economic sectors of the country. Namibia produces diamonds, uranium, copper, magnesium, zinc, silver, gold, lead, semi-precious stones and industrial minerals. The majority of revenue comes from diamond mining. In 2014, Namibia was the fourth-largest exporter of non-fuel minerals in Africa.
The 2000s commodities boom, commodities super cycle or China boom was the rise of many physical commodity prices during the early 21st century (2000–2014), following the Great Commodities Depression of the 1980s and 1990s. The boom was largely due to the rising demand from emerging markets such as the BRIC countries, particularly China during the period from 1992 to 2013, as well as the result of concerns over long-term supply availability. There was a sharp down-turn in prices during 2008 and early 2009 as a result of the credit crunch and European debt crisis, but prices began to rise as demand recovered from late 2009 to mid-2010.
The mineral mining industry is a crucial piece of the Economy of Niger. Exports of minerals consistently account for 40% of exports.
Radioactive ores were first extracted in South Australia at Radium Hill in 1906 and Mount Painter in 1911. 2,000 tons of ore were treated to recover radium for medical use. Several hundred kilograms of uranium were also produced for use in ceramic glazes.
Nuclear industry in Canada is an active business and research sector, producing about 15% of its electricity in nuclear power plants of domestic design. Canada is the world's largest exporter of uranium, and has the world's second largest proven reserves. Canada also exports nuclear technology within the terms of the Nuclear Non-proliferation Treaty, to which it is a signatory, and is the world's largest producer of radioactive medical isotopes.
Peak minerals marks the point in time when the largest production of a mineral will occur in an area, with production declining in subsequent years. While most mineral resources will not be exhausted in the near future, global extraction and production has become more challenging. Miners have found ways over time to extract deeper and lower grade ores with lower production costs. More than anything else, declining average ore grades are indicative of ongoing technological shifts that have enabled inclusion of more 'complex' processing – in social and environmental terms as well as economic – and structural changes in the minerals exploration industry and these have been accompanied by significant increases in identified Mineral Reserves.
Namibia has one of the richest uranium mineral reserves in the world. There are currently two large operating mines in the Erongo Region and various exploration projects planned to advance to production in the next few years.
The world's largest producer of uranium is Kazakhstan, which in 2019 produced 43% of the world's mining output. Canada was the next largest producer with a 13% share, followed by Australia with 12%. Uranium has been mined in every continent except Antarctica.
Uranium mining in Kazakhstan is of considerable importance to the national economy. By 2011, Kazakhstan was considered to be the world's largest producer of uranium.
China's mineral resources are diverse and rich. As of at least 2022, more than 200 types of minerals are actively explored or mined in China. These resources are widely but not evenly distributed throughout the country. Taken as a whole, China's economy and exports do not rely on the mining industry, but the industry is critical to various subnational Chinese governments.
Uranium mining around Bancroft, Ontario, was conducted at four sites, beginning in the early 1950s and concluding by 1982. Bancroft was one of two major uranium-producing areas in Ontario, and one of seven in Canada, all located along the edge of the Canadian Shield. In the context of mining, the "Bancroft area" includes Haliburton, Hastings, and Renfrew counties, and all areas between Minden and Lake Clear. Activity in the mid-1950s was described by engineer A. S. Bayne in a 1977 report as the "greatest uranium prospecting rush in the world".
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