General Assembly & Evening Lecture: U exploration, resources and production: a global review

The Joint OECD-NEA / IAEA Uranium Group (UG) is a forum for the exchange of information, analysis, and guidance on the uranium market and its role and relationship with respect to the global nuclear fuel cycle.  The UG conducts a biennial survey of world uranium exploration, resources, production and demand, commonly known as the ‘Red Book’, the results of which reflect mainly official government information sources.
The latest published edition of the Red Book (2022) concludes that global uranium demand is expected to continue to increase over the next several decades, and that identified recoverable in-ground uranium resources are sufficient for at least 100 years (considering current demand). From 2014 to 2021, annual global expenditures on uranium exploration and mine development fell nearly USD $2 billion. Following the recent rise in uranium market spot prices to a 17-year high, as well as a declaration made at COP28 by 22 countries to double or triple their nuclear energy capacities by 2050, interest in uranium exploration and mining is expected to increase dramatically. However, in order to meet the demand for refined uranium ready for nuclear fuel production, favourable prices (≥ US$ 50/lb U3O8) will need to be sustained, exploration increased, and investment in technical innovations to recover uranium from low-grade deposits, such as phosphate and black shale deposits, will need to be made. 
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