THE GOVERNMENT passed an amendment prohibiting the mining of radioactive substances in Slovakia in its May 21 session. Mining will be allowed only in cases when inhabitants of the affected municipality approve it in a local referendum. The Environment Ministry, which authored the bill, is proposing to pass it in fast-tracked proceeding.
Cameco estimates that more than 90 new nuclear reactors will start-up over the next 10 years, with significantly more to follow in the following 10 years.
Borshoff, chief executive of the ASX-listed African uranium producer Paladin, is Australia’s resident bull on the outlook for uranium, even if one of Paladin’s mines is being put on care and maintenance during the price storm.
Mr Borshoff said it would be wrong to lose sight of the emerging supply shortfall in uranium due to the absence of supporting “incentive’’ prices needed to underpin new developments.
Mr Borshoff told investors on Paladin’s March quarter conference call that according to the company’s own analysis, a supply shortfall of 31 million pounds could appear in 2020. “It can be strongly argued that this shortfall is now almost certainly structurally embedded in the production growth capability or, more correctly, incapability. Until this is realised, there is real danger ahead,’’ Mr Borshoff said.
He said a widening supply gap was set to come into effect from 2016-2017, with uranium prices moving ahead in anticipation in late 2014-2015. “Nuclear energy continues to be an integral part of the world’s energy mix because it is one of the most important tools we have to combat climate change and to provide safe, clean, reliable and affordable base-load energy to rapidly expanding economies,’’ Mr Gitzel said.
“So, we remain excited about the future and are prepared, as a company, to meet it head on.’’
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