Industrial and commercial considerations affecting future uranium supply and demand

The paper examines the available evidence relating to the balance of supply and demand for uranium, with particular reference to factors which are likely to affect commercial decisions. The physical constraints limiting the rate of expansion of production are examined, both in the short term, based on known ore-bodies, and in the longer term, as a result of exploration. The scale of the uncertainties in estimated demand, and the consequential need for a determined effort to improve the data base on which commercial judgements have to be made is stressed. The powerful influences which governmental actions can have on commercial decision-making, and on the freedom to produce and export uranium, are illustrated