Uranium supply will not meet demand

Significance The term market, in contrast, continues its upward trajectory. Utilities last year bought the most triuranium octoxide (U3O8) since 2012. Nearly 42 million kilogrammes of elemental uranium was contracted for conversion in 2023, and the nearly 50 million separative work units of enrichment contracting was the most since 2009. Impacts Supply plans are at risk after Niger’s junta revoked Orano’s license to run the SOMAIR mine (4% of 2020 world output). The government of Australia’s Northern Territory will not renew the Jabiluka uranium mine’s lease. Following Washington’s Russian uranium ban, the Kremlin is considering limiting raw material exports such as uranium, nickel and titanium.