Orano invests in uranium mines
The state-owned company invests in extending the life of mines in Canada and Kazakhstanat the same time searching uranium deposits in other parts of these countries, the company’s CEO, Nicolas Maes, told reporters last Thursday. Plowed is also developing new projects in Mongolia and Uzbekistan, at the same time constantly monitoring the market in search of possible new sources radioactive metalMaes added.
Searching for new sources of uranium ore
“We are interested diversification of our projectsbecause there are some tensions in the East and Africa,” Maes said in the company’s press release uranium enrichment plant in central France. “Doubts about where uranium will come from in the next decade are driving up prices.”
Prices of uranium and reactor fuel will increase
Governments from China to Europe are shifting economy to zero emission and invest in new nuclear power plantswhich means more demand for uranium and fuel for reactors in the foreseeable future. Thanks to this, this radioactive element and produced from it energy carriers have become attractive an asset sought by investorsand their price has increased significantly over the last 3 years. They exacerbated the market situation production problems in Kazakhstan and production limitation after military coup in Niger.
Decline in uranium ore production in Niger
Earlier this year military junta in Niger she took back one of the Orano mining permitsand the second one is still active uranium mine this company will be able to produce only 40% this year. its annual production quota, Maes said. This production cannot be exported outside the landlocked African country due to ongoing geopolitical issues, he added.
Rosatom is out of the game
Cost uranium enrichment this is a key step in converting radioactive metal into fuel. It has also increased over time Russian invasion of Ukraineas some Western utilities seek to replace fuel produced by the Russian state-owned company Rosatom.
To help fill this gap, Orano started this year expansion of its French enrichment plant. This will help increase its global market share enrichment services this element with 12 percent up to 16 percent The project is expected to be completed by the end of the decade, the CEO said.
Rosatom’s competitors
Controlled by the Kremlin Rosatom is the world’s largest uranium enrichment company. According to Orano, the Russian company satisfies up to 43%. world demand for uranium tablets. More reactor cartridges than Orano produces Urencoa British-Dutch-German group with 31 percent. market share and China National Nuclear with 13 percent market share.
USA without Russian fuel in reactors
Earlier this year President Joe Biden signed ban on imports of enriched uranium from Russiawhich supplies about a quarter of U.S. reactor fuel. The country has only one commercial enrichment plant in New Mexico, owned by Urenco.
Orano will strive to continue displacing Russian supplies from the international market, through construction of an enrichment plant in the USAif it receives federal government support, regulatory approval and sufficient customer commitments, Maes said. The multi-billion plant could be built in Tennessee, Orano said.
