The soaring price of fossil fuel commodities is prompting many countries to seek alternative energy sources. Nuclear power plants (NPPs) are attracting significant attention.
The strengthening trend towards nuclear energy will increase demand for uranium, a primary fuel for NPPs. Bannerman Energy CEO Brandon Munro predicts that China will be the largest source of this demand.
"China is building 10 large nuclear reactors per year for the next 15 years. This will make China the single largest market, given its very limited domestic uranium production," said Brandon Munro, as reported by *Stockhead* on Monday, August 29, 2022.
According to data from the World Nuclear Association (WNA), the uranium mine with the largest production capacity is located in Canada. The Cigar Lake mine in Canada produced 4,693 tons of uranium in 2021, equivalent to 10% of the global uranium supply that year.
Although the largest mine is in Canada, the world's largest uranium reserves are located in Australia. However, the Australian government restricts uranium exploitation in its territory due to environmental safety concerns. As of this year, Australia also continues to reject the use of nuclear energy.
"Nuclear reactors are unlikely to be developed in Australia unless there is a dramatic shift in international attitudes towards climate change and greenhouse gas mitigation," stated the Australian Parliament on its official website, cited Monday, August 29, 2022.