Opening Address [URAM-2014: International Conference on Uranium Raw Material for the Nuclear Fuel Cycle: Exploration, Mining, Production, Supply and Demand, Economics and Environmental Issues, Vienna (Austria), 23-27 June 2014]

As you know, this IAEA's premier uranium mining and milling meeting is being held after a 5 years' gap. The previous URAM symposium in 2009 was held at an optimistic time, when nuclear energy was emerging as a revitalized alternative to meet the ever-increasing demand of electricity in a sustainable manner. At that time, the price of uranium was still high compared to the preceding 20 years. This positive trend was demonstrated in the increase of identified uranium resources by 75% since 2000, as well as significant increases in exploration expenditure, development of a large number of greenfield and brownfield mining sites, and a general upward trend in the production of yellowcake. But, after the Fukushima accident in March 2011, we saw unanticipated shutdowns of Japan's large fleet of reactors, which are still under extended shut-down. The growth in new builds did not happen as intensely as earlier anticipated, with considerable delays in many countries to give them time to assimilate lessons learned from the Fukushima accident and to consolidate and strengthen their Safety Action Plans. In some cases, nuclear power phase-out plans were also decided. In the uranium sector, uranium markets went down by biennium 2012–2013, with the prices in 2014 the lowest in 10 years. A few uranium mines suspended production, most plans for new production have been delayed, and a number of instances of employee cut-backs have been reported. This could have two major mid- and long-term implications. Firstly, the industry may not be ready for increased demand for uranium if the nuclear energy scenario improves in future and current apparently surplus stocks are gone. Secondly, the industry must resist increasing financial pressure and maintain the good standards and practices that have been gained during the past decades.