Projections on the future of the natural uranium industry

This discussion looks at the future of the uranium industry and considers what type of procurement policy should be adopted. Viewing the future as an extension of the present, it is possible that supplies of natural uranium will begin to run short around 2015. However, natural uranium will have more resources available than petroleum. If rising uranium prices reinvigorate exploration and lead to the discovery of new uranium deposits, future shortages will be unlikely. Nonetheless, with structural changes expected in the world economy, the nature of natural uranium transactions will no doubt change, thereby increasing the present element of uncertainty that much more. At the same time, the oligopolistic situation created by today's major producers will intensify. Based on these projections, the author has reassessed Japan's past procurement policy of government exploration/development support combined with private-sector uranium purchasing and finds this shared risk approach to be the best. (author)