Chamwe Kaira
Global demand for uranium is rising as countries expand nuclear power to meet growing energy needs, according to data presented by Paladin Energy, which owns the Langer Heinrich Mine in the Erongo region.
The data shows that demand is supported by existing nuclear reactors, new plants under construction and the extension of older facilities, especially in major economies such as the United States.
Momentum is expected to grow following commitments made at COP28 and COP29, where 38 countries, including the United States, Canada, the United Kingdom and France, pledged to triple nuclear capacity by 2050.
Policy measures in the United States also aim to increase nuclear capacity from about 100 gigawatts to 400 gigawatts, which could raise uranium demand further.
Rising electricity demand from data centres and artificial intelligence is also increasing the need for stable power, strengthening the role of nuclear energy.
There are currently 438 nuclear reactors operating worldwide. Another 79 are under construction across 16 countries, with 124 planned and 305 proposed. This brings the total potential pipeline to 946 reactors.
China leads construction with 39 reactors underway. Other countries include India with eight, Russia with seven, and Egypt and Turkey with four each.
South Korea has three, while the United Kingdom, Japan and Ukraine each have two.
These reactors are expected to add about 86 gigawatts of power, a 21% increase in global nuclear capacity, and increase uranium demand by about 43 million pounds per year.
Uranium prices have risen over the past five years. Spot prices have fluctuated, while long-term contract prices have increased steadily due to supply concerns.
Utilities have sourced more than 90% of their uranium through long-term contracts in recent years.
However, contracted volumes remain below replacement levels, leaving a supply gap.
Industry estimates show that utilities face about one billion pounds of uncovered uranium demand over the next decade.
At the Langer Heinrich Mine, operations improved during the quarter ending March. Total mined material reached 6.17 million tonnes, up 12% from the previous quarter.
Crusher throughput stood at 1.21 million tonnes. The mine produced 1.29 million pounds of uranium oxide, with a recovery rate of 92%.
Paladin Energy said the increase was driven by strong performance at the processing plant and that the ramp-up of operations remains on track for completion by the end of the 2026 financial year.
