THE’uranium is returning to the center of attention thanks to the growing interest innuclear energy as a solution to climate crisissupported by numerous world powers. The Canadawith his uranium deposits among the purest in the world and the technological capacity of enrich it directly on the territory beforeexportmay soon emerge as a new one superpower in the nuclear sector. In particular, in the Basin of Athabasca in the Canadian province of Saskatchewan there is one of the largest uranium reserves in the world, from which the highest grade uranium in the world is extracted.
Growth in demand for uranium and reserves in Canada
Canada is currently the second largest uranium producer in the worldcontributing to the global market with approximately 13% of total production. According to estimates by World Nuclear Associationin 2022 Canada produced approx 7,400 tons of uranium, a significantly lower quantity than 21,200 tons of Kazakhstanundisputed leader since 2009. The third global producer is Australia. Together, these three countries contain more than half of the world’s uranium reserves.
Currently, nuclear energy represents only the 10% of the global energy mix. This relatively low incidence is mainly due to public concerns regarding safety of nuclear power plantsto potentials health risks and the difficult management of radioactive waste. Accidents such as Fukushima have further obscured the benefits of this technology. However, the landscape could change significantly in the coming years. The growing demand for clean energy has brought the attention of many nations back to nuclear power, a considered source renewable, convenient, scalable and characterized by acarbon footprint extremely reduced.
A clear signal of this possible trend reversal arrived in December 2023 during the COP28the United Nations Climate Change Conference held in Dubai. On that occasion, 25 nations signed an agreement to increase investment in nuclear technologies and triple energy production from this source by 2050. These include some of the world’s major superpowers, such as United States, Canada, France And United Kingdom. The expected increase in demand for uranium in the coming decades could open up new opportunities for Canada, strengthening its role as a global leader and potential superpower in the nuclear sector.
The purest uranium deposits in the world are found in Canada
Canadian uranium is primarily mined from Athabasca Basinlocated in the north of the province of Saskatchewan. This region is home to reserves of highest grade uranium in the worldwith values up to 20%. The grades of a deposit indicate the concentration of uranium in a given volume of rock. To understand the exceptional nature of Canadian deposits, just consider that most of the world’s uranium reserves have values between 10 and 100 times lowerwith degrees therefore ranging between lo 0.1% and 1%. Due to the high concentration of uranium, mining in Saskatchewan’s deposits is significantly easier, faster and cheaper than in other areas of the world. This not only reduces operating costs, but makes the process more environmentally sustainable.
Canada is aiming to increase uranium production to meet growing global demand. At the moment, beyond 100 companies are active in Canadian territoryengaged in exploration and development operations for new deposits. According to forecasts, Canadian uranium production could grow by 7% by 2027further strengthening the country’s position as a major player in the global uranium market.
Uranium enrichment and export
About the85% of the uranium produced in Canada comes exportedwhile the remainder 15% it is intended for Canadian nuclear reactors, known by the acronym CANDU (Canadian Deuterium-Uranium). As mentioned, the Kazakhstan exports a volume of uranium three times higher than that of Canada. However, there is a key difference: Kazakh uranium does not undergo the enrichment process. Here we must open a brief parenthesis: what isenriched uranium?
Uranium (U) found in deposits is mainly made up of three isotopes: U238, U235 And U234with proportions of 99.7%, 0.7% and 0.01% respectively. Of these, only theU235 it is naturally fissile, therefore capable of supporting a nuclear fission reaction. Uranium enrichment consists of increasing the concentration of U235generally taking it to the 3-5%a percentage necessary for the operation of most nuclear reactors.
Kazakhstan does not enrich the uranium it mines, and many nations depend on it Russia and from China for uranium enrichment. Unlike Kazakhstan, Canada has the technology to enrich uranium directly on its territory. This represents a significant logistical and geopolitical advantage. Canadian enrichment eliminates the need for intermediaries, reducing transportation times and costs. In the geopolitical context it offers a valid alternative for those countries that do not want to depend on Russia or China for enriched uranium. Currently, the distribution of Canadian uranium exports is divided as follows: 64% destined for the Americas, 19% for Asia and 17% for Europe.
Distribution of uranium mines and nuclear power plants on Canadian territory. Credits: Government of Canada.
Use on Canadian soil
In addition to increasing the production and export of enriched uranium to meet growing market demand, Canada stands out for being at the forefront of research and use of this resource in sectors beyond energy, such as manufacturing of isotopes for medical and industrial applications, consolidating the country’s role as an innovator in the use of uranium.
Currently, they operate in Canada six nuclear power plantsi, which host a total of 19 reactors. These have a combined capacity of 4,629 megawattsplacing Canada at the sixth place in the world ranking of countries with the greatest energy produced from this resource. The expansion of Canadian nuclear power, both in energy and in scientific and industrial applications, represents a significant opportunity for the country.
