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Over at least the last decade production of uranium from mining has not been sufficient to meet consumption, and this shortfall in supply is expected to continue or increase over the next decade.
In 2004, the world's uranium mines produced 46,500 tonnes of uranium oxide, compared with world consumption of 79,000 tonnes.
In 2004, the 41% shortfall in uranium supplies was met from secondary supplies (stockpiles and obsolete weaponry). While the quantity of secondary supplies of uranium is unknown, it is unlikely that this is a long term solution.
There are about 450 nuclear power plants operating in the world today. At mid-2006 these include 103 in the USA, 23 in the UK, 10 in Sweden, 8 in Spain, 7 in Belgium, 18 in Canada, 59 in France, 17 in Germany, 55 in Japan, 4 in Finland, 6 in Czech Republic, 10 in China, and 31 in Russia - click here to see the complete table.
These reactors, and the 27 currently under construction, as well as 143 under consideration, will continue to drive uranium demand.
Nineteen countries currently source 20% or more of their electricity from nuclear generation.
The world population is expected to grow from around six billion currently to about eight billion by 2030, and electricity for the growing population will be increasingly driven to be from cleaner sources, such as nuclear power.
Click to view a 15-year graph of U3O8 price
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