Page 43 - bne Magazine August 2022

bne August 2022 Special Report I 43
responsible for 41% of global uranium production in 2020.
Indeed, Kazakhstan is by far the
largest producer of uranium, mining 21,810 tonnes in 2021, according
to the World Nuclear Association.
Next comes Namibia with 5,743 tonnes, Canada with 4,692 tonnes
and Australia with 4,192 tonnes. Uzbekistan follows with 3,500 tonnes, then Russia with 2,635 tonnes and Niger with 2,248 tonnes. This means that about 75% of uranium comes from Kazakhstan, Canada and Australia.
On the other hand, Russia is one of a number of suppliers of raw uranium to Europe, accounting for 20.2%
of the market, just behind Niger with 20.3%. Canada, Australia and Kazakhstan are not far behind.
Within Europe, different countries have varying exposure to Russia. Some countries, such as Finland, source
raw uranium from such countries
as Canada, Australia and Africa, before sending it to TVEL in Russia
for enrichment and processing.
France, by contrast, sources 9,700 tonnes of uranium oxide concentrate (8,200 tonnes of uranium) per year
from Canada and Niger, before enriching and processing it in France.
Meanwhile, Euratom, which monitors European uranium trade, estimates that Russian companies provided about 24% of uranium conversion services and 25% of enrichment services to EU utilities in 2020.
France’s Orano supplies the majority of enrichment services and the largest share of conversion services to those utilities, while Canada and
Slow market
The IEA pointed out that the global uranium market is slow moving. Nuclear power plants (NPPs) need to refuel infrequently, reducing exposure to short-term disruptions, and fuel can be stored for a few years before being used.
Nuclear power is set to hold its own in the world in the coming 30 years. While capacity is forecast by the IEA to double between 2020 and 2050 from 413 GW to 812 GW, its
World uranium production and reactor requirements, 1945-2020
“Kazakhstan is by far the largest producer of uranium, mining 21,810 tonnes in 2021, according to the World Nuclear Association”
the US are also significant suppliers of conversion services to them.
Indeed, World Nuclear Association figures show that Russia provided 25mn SWU per year of enrichment capacity, against a global total
of 69mn SWU, making it the biggest enricher, following by China, France, the US, the UK, Germany and the Netherlands.
share of global output would actually dip slightly to 8% as total global consumption rises.
What this means is that Russia
has the capability to exploit the nature of the global nuclear market to use nuclear fuel to apply pressure across the value chain.
On the other hand, in many areas, from uranium supply to enrichment technology, other operators in other countries are available. Nuclear companies can change suppliers
if forced by pressure from Russia, however economically painful or technically difficult it may be.
Yet the most exposed remain the Central European countries, whose Russian rectors are an inheritance from the days of the USSR and COMECON economic links.
Ukraine and the Czech Republic
have already sought alternatives supplied by Westinghouse, but others such as Hungary appear happy to maintain close Russian links.
Source: OECD-NEA, IAEA, World Nuclear Association
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