Canada’s uranium sector poised for growth
Rising demand for nuclear energy translates to rising demand for uranium. Global hotbeds of production are expected to play a significant role in meeting this increased demand. Over two-thirds of the world’s uranium production originates from three countries: Kazakhstan, Canada and Australia. In particular, Canada’s known resources encompass more than 600,000 tonnes of the heavy metal. Canada has also earned a reputation for uranium grades between 10 and 20 times higher than the global average. The country also hosts the world’s largest deposits of high-grade uranium, with grades up to 20 percent uranium, which is 100 times greater than the world average. With the Athabasca Basin as one of the world’s most prospective mineral basins, Canada represents the new frontier for uranium exploration.
Companies like Fission Uranium (TSX:FCU,OTCQX:FCUUF) are well positioned to capitalize on nuclear energy’s status as a frontrunner for the decarbonization of electricity. The company’s high-grade Triple R uranium deposit is located in Saskatchewan’s world-class Athabasca Basin uranium district. The project’s prefeasibility study highlights the potential for the Triple R to become one of the world’s lowest-cost operating uranium mines, and the project is currently advancing towards feasibility status.
Takeaway
Experts have forecasted a robust future for uranium driven by a new phase of nuclear energy investment powered, in turn, by ambitious climate goals and a new standard for energy efficiency. As demand for uranium is expected to continue to rise despite increasing uncertainty about supply, the industry is now facing a growing wedge of uncovered uranium requirements. In the wake of growing optimism for the sector, investors should pay special attention to low-cost uranium operations that are strategically located in the world’s uranium hotspots.
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