Uranium outlook looks good


The global uranium footprint is expanding with ever increasing number of governments turning to nuclear power, Deep Yellow, Managing Director, John Borshoff has said.

He disclosed that Belgium has reversed its decision to shut down reactors in 2025 and has now extended the deadline to 2036 and also plans to build two more reactors.

Furthermore, Italy plans to introduce nuclear, as early as 2032 while Bulgaria announces plans to build four new reactors.

Borshoff added that France accelerating construction of 14 new generation reactors while the United Kingdom is accelerating nuclear commitment and has planned 25% nuclear by 2050 from the currently 15% of its energy needs. He further disclosed that Eastern European countries embracing nuclear as ‘no other option.

Borshoff said there has never been such a top-down resurgence since the 1970s oil shock. He added that 22 countries have signed up to the goal of tripling global nuclear energy capacity by 2050, at the UN’s COP28 climate change conference as the only means of achieving stated emission targets.

He said other factors include the fact uranium inventory rundown accelerating with Russia/Kazakhstan/Niger present supply growth uncertainty and diversity, security and longevity of supply and achieving increased production to meet new demand are key issues to resolved

With this in mind, Borshoff said Deep Yellow is successfully establishing the right platform at the right time and is on a pathway to becoming a reliable and long-term uranium producer, able to provide production optionality and security of supply with geographic diversity.

In Namibia, Deep Yellow owns the Tumas Project in the Erongo Region with an ore reserves of 67.3 million pounds and a life of mine of 22 years.

The Deep Yellow chief said is increasing global concern for energy security and the inability for renewables to deliver.

He observed that Sweden has changed its policy from 100% renewable electricity production to 100% Fossil Free and announced plans to build new reactors. He also noted that Europe’s largest windfarm Markbygden ETT is facing bankruptcy.

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