By 2040, Russia’s share of global uranium production could grow from almost one quarter to 36%, according to a report from the consulting agency CSA. The projection assumes all countries maintain full capacity at their existing facilities.
Gareth Heywood, head of special projects at CSA, stated: “By 2040, we may face dependence on Russian uranium, comparable to our dependence on Russian oil and gas in 2022.”
Experts note that the long-term forecast for uranium prices has already risen from $80 to $94 per pound based on UxC estimates. Analysts expect further price increases due to insufficient long-term investments in new uranium deposits.
Despite potential for countries like Canada to expand mining operations, implementation of these projects carries significant risks. The CSA has called on nations to urgently stimulate investment in the uranium industry through subsidies for long-term contracts that stabilize market prices.
