A URANIUM REVIVAL

AUSTRALIA HOLDS THE WORLD'S LARGEST URANIUM RESOURCES, BUT IS YET TO UNLOCK ITS FULL POTENTIAL.

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As the global energy landscape undergoes a rapid transformation, nuclear energy is once again gaining traction as a reliable, low-emissions power source.

A new report from the Nuclear Energy Agency (NEA) has shed light on the soaring demand for uranium and the critical role that countries like Australia are poised to play in supplying it.

Now in its 30th edition, the Uranium Resources, Production and Demand report (referred to as the 'Red Book' of the uranium sector) details the shifting dynamics of global uranium supply and demand.

With more than 60 new reactors currently under construction worldwide and dozens more planned, the report forecasts a significant supply shortfall by the early 2030s unless new production sources are developed and brought online.

As countries ramp up their commitments to net-zero targets, nuclear energy is proving indispensable for decarbonisation strategies, particularly in nations where baseload reliability is crucial.

But as demand for uranium accelerates, questions are being raised about where this supply will come from.

With Australia holding the largest known recoverable uranium resources in the world - around 28 per cent of the global total - the country's reserves, stable political environment, and established mining expertise make it a natural leader in the next era of nuclear power.

But while the potential is immense, challenges remain - most notably, the strict and fragmented regulations surrounding uranium exploration and development across the nation.

According to the NEA report, global uranium exploration and development expenditure more than doubled from a low of $US377 million in 2020 to over $US840 million in 2023.