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Uranium resources and supply

The future supply of uranium has to be considered against a background of forecasts of uranium demand over the next decades which show increases of a spectacular nature. It is not necessary to detail these forecasts, they are well known. A world survey by the Joint NEA/IAEA Working Party on "Uranium Resources, Production and Demand", completed this summer, indicates that from a present production level of just over 19,000 tonnes uranium per year, the demand will rise to the equivalent of an annual production requirement of 50,000 tonnes uranium by 1980, 100,000 by 1985 and 180,000 by 1990. Few, if any, mineral production industries have been called upon to plan for a near tenfold increase in production in a space of about 15 years as these forecasts imply. This might possibly mean that, perhaps, ten times the present number of uranium mines will have to be planned and engineered by 1990. The NEA/IAEA study shows that present "Reasonably Assured Resources" in the less than US$ 10/lb U3O8 category (which are equivalent to Reserves in the mining sense) amounted to 866,000 tonnes uranium at mid-1973. The geographical distribution of these reserves and of the "Estimated Additional Resources" and the resources in the US$ 10-15/lb U3O8 price range is given in Table No. 1.