This article explores the debate surrounding uranium's classification as a critical mineral in the United States. Despite its essential role in the nuclear energy sector, uranium was controversially removed from the USGS critical minerals list in 2022 due to its classification as a 'fuel mineral'. The article highlights the increasing demand for uranium fueled by the resurgence of nuclear power globally, particularly in the fight against climate change. It discusses the challenges posed by supply shortages and geopolitical tensions, emphasizing the need for domestic uranium production to meet the growing needs of the nuclear industry.
Not according to the US Geological Survey , which dropped it from its critical minerals list in 2022 on the grounds it didn’t qualify because it was a “fuel mineral”. directives requires the Secretary of the Interior to instruct the director of the USGS to “consider updating the survey’s list of critical minerals, including for the potential of including uranium.”
Uranium ticks many of the criticality boxes. It’s experiencing a step-change in demand, global supply is heavily concentrated and the United States is almost totally import dependent. Such green credentials likely don’t count for much with the Trump administration but Republicans view nuclear energy as a core component of national security, meaning it enjoys bipartisan support in the United States, albeit for different reasons.
A decade of low prices has taken its toll, particularly in the United States, where production fell from almost five million lb in 2014 to just 21,000 lb in 2021, according to the IEA.Global uranium production is now heavily concentrated. Kazakhstan, Canada and Australia accounted for around two-thirds of global output in 2022, according to the World Nuclear Association.
Complicating things further is Trump’s threat to impose tariffs on Canada, which is the largest supplier of uranium to the US market.There was a lot of speculative froth in last year’s price spike with both institutional investors such as Goldman Sachs and retail investment vehicles such as Sprott Physical Uranium Trust chasing the rally.
Business URANIUM NUCLEAR POWER CRITICAL MINERALS ENERGY POLICY GLOBAL SUPPLY CHAIN
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