The United States bought up 11.1 million pounds more yellowcake uranium equivalent (U3O8e) for its nuclear reactors last year than it did in 2022. Canada supplied more than any other nation, accounting for 27 per cent of the shipments, while Australia and Kazakhstan followed closely behind at 22 per cent each.
These statistics come from a report released this month by the U.S. Energy Information Administration.
Russian imports accounted for 12 per cent of the total in 2023, but shipments from Moscow will soon be a thing of the past now that a ban is being implemented over tensions between the two global superpowers. Meanwhile, Uzbekistan supplied 10 per cent of last year’s total.
However, although low-enriched uranium imports from Russia are officially banned starting Aug. 11, the Department of Energy will have the authority to waive the restriction under certain conditions. This enables certain limited shipments from Russia until the end of 2027 that have been authorized by the agency.
American officials signed 26 new supply contracts in 2023, resulting in an additional 5.5 million pounds of U3O8e acquired last year compared to 2022.
Graph: U.S. Energy Information Administration
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Canada struggles to keep up with demands
Bull market conditions in the uranium industry have caused a major supply deficit throughout the globe.
Canada’s rich resources in the Athabasca Basin and Nunavut have seen an increased rate of exploration as a result. The nation’s top suppliers — Orano Canada and Cameco Corporation (TSX: CCO) — will not be able to solve this problem alone.
That’s where ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) comes in. The company was founded in 2021 to identify new uranium deposits in Canada’s top jurisdictions, ensuring a steady supply in future years.
Others like Stallion Uranium Corp. (TSX-V: STUD) and Forum Energy Metals Corp. (TSX-V: FMC) have been increasingly active for the same purpose. IsoEnergy Ltd. (TSX-V: ISO) is a notable Canadian explorer too.
Forum and Traction Uranium Corp. (CSE: TRAC) just kicked off an airborne helicopter survey program at the Grease River project in the Athabasca Basin. Meanwhile, IsoEnergy started a major 30-hole summer exploration program in Saskatchewan last week to fulfil its quest of obtaining highly radioactive cores.
ATHA Energy is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
