Overview
Uranium is a radioactive metallic element that occurs naturally in rocks, soil and the ocean. It is 500 times more abundant than gold and it is as common in the earth’s crust as tin, tungsten and molybdenum. It is also the heaviest naturally occurring element on earth.
 Three countries account for over half of the world’s resources of uranium, which are estimated at 3,537,000 tonnes U. These countries are Australia with approximately 30% of resources, Kazakhstan with 17% and Canada with 12%.
The main use for uranium is as nuclear fuel in power generation. Approximately 16% of the world’s electricity is generated from nuclear reactors, and it is growing in popularity given declining oil supplies and increased pressure to find cheaper, cleaner forms of energy.
 Supply of Uranium
Uranium world production is dominated by Canada and Australia who, together, produce about 51% of annual mine supply. These two countries are followed by Kazakhstan, Niger, Russia and Namibia. When all six countries are combined they account for approximately 84% of production from mines. In 2004, world production of uranium was 40,251 tonnes U, a 13% increase as compared to production in 2003.
Primary uranium production filled only about 60% of world reactor requirements during 2004. The balance was made up by secondary supplies including: depleted uranium from enrichment; reprocessed material from spent fuel; unprocessed spent fuel; and highly enriched uranium (HEU) of military origin.
Demand for Uranium
Many industrialised nations are heavily dependent on nuclear power generation, with nuclear electricity representing a major component in such countries as the United States (20%), Germany (30%), Japan (34%), Hungary (36%), Sweden (46%), and particularly France (78%) and Lithuania (80%). Worldwide, there are 441 nuclear power reactors operating in 31 countries with total installed capacity of 368,000 MWe. The scale of the world’s nuclear industry is considerable and growing.
 Concerns over the global oil supply and global warming have renewed interest in nuclear energy (nuclear reactors do not release carbon dioxide into the atmosphere). In addition, improved reactor performance, extended fuel cycles, increased generating capacity and reduced operating costs are also contributing to a revival in nuclear power.
As of January 2006, there were 24 reactors under construction, 41 planned (approved and funded) and another 113 proposed (intended but not approved or funded). New construction is currently concentrated in Asia with China and India in the forefront.
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