Uranium Supply
Australia is a leading resource and supplier of uranium for the global Nuclear Energy Industry. In terms of the world's Known Recoverable Resources of uranium at supply costs of less than $130/kg or $59/lb, Australia contains 24% ahead of Kazakhstan (17%), Canada (9%) and the USA (7%) while it has a larger share (30%) of the world's Reasonably Assured Resources recoverable at supply costs of less than $80/kg or $36/lb.
World primary uranium supply (mines) in 2005 was 49,052 tonnes of U3O8 with the balance to meet demand made up from secondary sources and or stockpiles. World uranium production increased by almost 8% in 2005, while stockpiles from secondary sources decreased by approximately 8%.
Australia is the second largest producer of uranium in the world with a share of 23% of the market behind Canada (28%) and ahead of Kazakhstan (8%).
In 2005 Australia exported 27.19 million lbs of U3O8 valued at $573 million, generally under long term contracts with countries with which Australia has Nuclear Safeguards Agreements, such as the United States, the EU, Japan and South Korea. Most recently, the Australian Federal Government has signed a Nuclear Material Transfer Agreement with China, which reflects the Nuclear Safeguards Agreement.
