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What is the future of uranium exploration?
Nuclear power is expected to become cost competitive against coal and natural gas in the near future and as a result a large increase in the demand for uranium is anticipated. The cost of coal and natural gas to generate electricity is expected to grow as a result of constraints placed on the market in regards to carbon emissions. As well, the demand for uranium will increase as China increases it's energy consumption.
For nuclear energy to maintain its current role in electricity generation in the US and around the world, a large number of new reactors will be needed. As well, to have a noticeable effect on carbon emissions and a cleaner environment, the existing reactor fleet will have to grow dramatically.
A lack of mining investment due to over supply and low commodity prices has left the world with a resounding shortfall in uranium. The gap between supply and demand, and the resulting price increase of uranium, has now led to a resurgence of uranium exploration.
What is uranium and where does it come from?
Uranium is a heavy (dense) metal, found in most rocks, soils, rivers, oceans, food, and in the human body. It is unique because it is fissile (can be broken apart into lighter elements, producing energy), giving it the potential to generate incredible amounts of energy. Just over half of the annual demand comes from mines -- one third of this from Canada (the richest uranium ores ever discovered were found in Saskatchewan) and nearly one quarter from Australia.
How much nuclear power is used around the world?
16% of the world's electricity is generated from nuclear power. In Canada, about 15% of our electricity is generated using nuclear power (50% in Ontario). In the last 25 years, the world primary energy demand grew by more than 50%. It is expected to continue to grow at a similar rate well into the 21st century.
Is uranium safe?
The extraction of uranium through mining and the use of uranium in nuclear power plants are heavily regulated and monitored. The government and industry work together to protect the general public from exposure to high doses of radiation, which can be harmful. Industry is required to meet government standards to ensure the health, safety, and security of the public and the environment. Any mine will have an impact on the immediate area of its operation, but environmental controls ensure that this does not extend to the surrounding environment.
Unlike the burning of fossil fuels, nuclear power doesn't contribute to urban smog, soot, acid rain, or increase carbon dioxide emissions. Generating electricity using nuclear power provides us with a safe, inexpensive, environmentally friendly alternative way of providing base load energy requirements.
How is uranium used in nuclear reactors to produce electricity?
Heat produced by the fission of uranium is used to heat water in the nuclear reactor. The steam that is produced is used to drive turbines which run large electric generators.
Unlike waste from most fossil fuels, virtually all nuclear waste is contained and managed rather than released into the environment. Some of the wastes are hot and very radioactive, but these are small in quantity and easily managed. They have never posed a significant hazard to anyone and are unlikely to do so. Long-term disposal of such wastes will be in deep geological repositories.
Sources:
www.uic.com.au
www.ccnr.org
www.world-nuclear.org
Sun Jul 16, 2006 - The New York Times Magazine: The Nuclear Option
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