The world is experiencing a growing uranium shortage. This threatens the development of nuclear energy

The global nuclear industry may face a serious uranium shortage, writes Financial Times with reference to the report of the World Nuclear Association.

Global demand for uranium for nuclear power plants is expected to increase by one-third to 86,000 tons by 2030 and nearly double to 150,000 tons by 2040.

At the same time, production at current fields could be halved between 2030 and 2040 due to depletion of reserves.

"The whole ecosystem needs balance, but it's not there. There are clouds gathering on the horizon," said Mark Chalmers, CEO of the US uranium company Energy Fuels.

Creating new uranium mines is a very long process. It can take 10-20 years from discovery to production, according to the report.

To overcome the upcoming crisis, the industry needs significant investments in exploration, innovative production technologies and simplified permitting procedures.

Another problem is dependence on Russia for uranium enrichment, a critical process of converting raw materials into nuclear fuel.

• In 2023, the Cabinet of Ministers selected 26 sites of strategic subsoil to attract investors, including 18 uranium sites in Kirovohrad, Dnipro, and Mykolaiv regions.
• There are currently only four uranium special permits. All of them are state-owned – they belong to the state-owned enterprise Eastern Mining and Processing Plant (VostGOK), which is managed by the Ministry of Energy.