- Write by:
-
Tuesday, August 2, 2022 - 14:06:45
-
827 Visit
-
Print
Mining News Pro - Australian uranium producer Paladin Energy Ltd said on Monday that it was restarting its development and exploration activities amid a surge in demand for nuclear energy after Russia’s invasion of Ukraine.
Australian uranium producers – including Paladin – have raised close to A$400 million ($282.08 million) in share sales this year to fund exploration and resuscitate mines.
The current primary uranium supply is unable to meet demand, and the deficit is being met by secondary supplies and inventory drawdowns, Paladin CEO Ian Purdy said at the Digger & Dealers Mining Forum in Kalgoorlie, Australia.
The average annual deficit is projected to be in the range of 40 million pounds over the coming decade, he told the forum.
“The projected production from returning mines will not be sufficient to meet this deficit,” he said.
Paladin is restarting its Langer Heinrich uranium mine in Namibia that was idled due to low prices.
Purdy said the company is now aiming for production by the first quarter of 2024. Total capital expenditure for the Langer Heinrich mine has increased to $118 million from $87 million, he said, due to cost escalations for labour, equipment and raw materials.
The company will also restart exploration activities at the Michelin Project in Canada, in which it owns about a 70% interest, Purdy said.
Uranium producers have been encouraged by a surge in yellowcake prices over the past 12 months. Unrest in Kazakhstan, which produces 45% of primary global uranium output, and Russia’s invasion of Ukraine further spurred demand.
Purdy said the company sees demand for nuclear energy coming from across the globe across the United States, Europe and Asia.
China has said it plans to build 150 new reactors between 2020 and 2035 and Japan also aims to boost nuclear capacity as does South Korea.
In Europe, Britain has committed to build one new nuclear plant every year, while France plans to build 14 new reactors and the European Union has proposed counting nuclear plants as a green investment.
Short Link:
https://www.miningnews.ir/En/News/621878
Australian mining group Berkeley Energia will take its dispute with Spain to international arbitration after the country ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
No comments have been posted yet ...