The Financial Post reports in its Saturday, April 19, edition that the world requires more uranium to satisfy the rising demand for nuclear power, presenting a significant opportunity for Saskatchewan to expand its already sizable industry. A Postmedia dispatch to the Post reports that with over 30 countries aiming to triple nuclear power generation by 2050, the latest Red Book report from the Organization for Economic Co-operation and Development's Nuclear Energy Agency and the International Atomic Energy Agency highlights the need for new uranium projects and processing capacity to meet future demand.
The agencies said, "Efforts must begin immediately to ensure adequate uranium supplies are available in the medium term." That could spell opportunity for Saskatchewan, which is the world's second-largest uranium producer. Cameco is the world's largest uranium miner. It said the projected supply gap globally is a positive sign for new miners, along with those looking to expand current operations and ramp up production. It also said its "top-tier" mining facilities can be expanded if needed. Two major projects are in active development, including NexGen Energy's Rook I project, along with Paladin Energy's PLS project.
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