Uranium reserves and global nuclear development
Global uranium resources are sufficient to sustain both current nuclear power operations and substantial growth through 2050 and beyond. However, timely investment in exploration, mining, and processing is critical to ensure these resources are developed and available when needed.
These conclusions come from the latest edition of Uranium – Resources, Production and Demand , widely known as the Red Book, published biennially by the OECD’s Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA). This essential reference provides a detailed overview of uranium market dynamics, based on official government data.
Global uranium resources are sufficient to support current and expanded nuclear energy use through 2050 and beyond
The 2024 edition covers 2021–2022 and includes a comprehensive statistical profile of the uranium sector, along with 62 country profiles detailing mine development plans, regulatory frameworks, and the environmental and social aspects of uranium mining.
As of 1 January 2023, global identified recoverable uranium resources totaled 7,934,500 tonnes, representing reasonably assured and inferred resources recoverable at market prices between $40 and $260 USD/kgU ($15–$100 USD/lb U₃O₈). This marks a modest increase of less than 0.5% from the 2022 edition. However, further additions could come from undiscovered or unconventional sources, especially as uranium prices rise and 31 countries commit to tripling nuclear capacity by 2050, as announced during COP28.
The Red Book includes projections of nuclear generating capacity and uranium requirements through 2050, as well as an analysis of long-term uranium supply and demand.
Investment in uranium exploration and development rebounded after a downturn caused by weak markets and the COVID-19 pandemic. Expenditures rose to $800 million in 2022 and are projected to reach $840 million in 2023.
The Red Book outlines uranium demand forecasts and supply scenarios through 2050, presenting both low- and high-growth models. While the uranium base appears sufficient even for high-growth trajectories, significant investment is necessary to maintain supply, especially in exploration, new production centres, and improved processing.
Timely and substantial investments in exploration, mining, and processing are essential to ensure uranium supply meets future demand
Between 2020 and 2022, uranium production rose by 4%, with further increases expected. Still, new production centres face long development timelines, hindered by investor caution, complex regulations, geopolitical instability, and technical hurdles. To avoid future shortages, action must begin now to bring additional supply online in time.
Without immediate action to develop new production centres, supply shortages could hinder nuclear energy growth despite adequate resource availability
About the agencies
The NEA, part of the OECD, fosters cooperation among countries with advanced nuclear infrastructure, focusing on safety, technology, environmental and economic issues.
The IAEA is the global hub for international cooperation in nuclear science and technology. It promotes peaceful, safe, and secure uses of nuclear energy and contributes to the UN Sustainable Development Goals.
The Joint NEA/IAEA Group on Uranium oversees the Red Book’s preparation, assesses global uranium supply in relation to demand, and recommends strategies for ensuring long-term supply security.
