Uranium Ore, Uranium Mining, Uranium Exploration
Uranium Ore Mining and Exploration
Uranium mining is the process of extraction of uranium ore from the ground. As uranium ore is mostly present at relatively low concentrations, most uranium mining is very volume-intensive, and thus tends to be undertaken as open-pit mining. It is also undertaken in only a small number of countries of the world, as the resource is relatively rarely found.
The worldwide production of uranium in 2003 amounted to 41,429 tonnes, of which 25% was mined in Canada. Other important uranium ore mining countries are Australia, Russia, Niger, Namibia, Kazakhstan, Uzbekistan, South Africa, and the USA.
A prominent use of uranium ore from mining is as fuel for nuclear power plants. As of 2008, known uranium ore resources which can be mined at about current costs are estimated to be sufficient to produce fuel for about a century, based on current consumption rates.
Uranium Ore Exploration
In the United States, uranium exploration has become a national initiative. In August 2005, President Bush signed into law the Domenici-Barton Energy Policy Act containing an array of provisions that support nuclear power. This enactment, combined with the growing public recognition that nuclear power plants generate electricity with considerably less greenhouse emission than fossil fuels, places Uranium Energy Corp in a favorable position for funding and exploring all aspects of uranium mining and exploration development.
Uranium Ore Mining
Uranium is used primarily as an energy source for nuclear fission reactors -- a safe, efficient, and emission-free alternative to fossil fuels. The market cycle for uranium mining had been largely depressed since 1981, but has recently experienced a sharp increase due to macroeconomic factors. An estimated supply shortfall of 80 million pounds per year, for several coming years, is forecast by measuring current annual reactor demand and current annual mine production. In addition, new uranium nuclear power plants have been commissioned throughout the world; China, India and Russia alone have permitted the construction of over 75 new reactors.
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