CHAMWE KAIRA
The Australian based mining company, Deep Yellow, which is exploring for uranium in Namibia said this week that nuclear power will be key to achieving global carbon emission targets.
CEO John Borshoff said this week that a growing number of governments pivot energy strategy are going towards nuclear energy. Deep Yellow has two projects in Namibia, Tumas and Omahola.
Borshoff said in terms of uranium production, demand is outstripping supply with existing producers and proposed new mines unable to respond in time and at current prices to meet demand requirements.
He added that uranium price will need significant increase to incentivize new production.
Borshoff disclosed that the spot price of uranium has increased by 16 percent in the past year, while the prices for midterm contracts have increased by 19 percent while prices of long term contracts have increased by six percent.
“Deep Yellow is ideally positioned with two advanced large-scale developments, a portfolio of exceptional exploration projects supported by strong leadership and an experienced team of builders and operators,” said Borshoff.
He said once its projects in Namibia and Australia come on stream, Deep Yellow will be the largest pure-play uranium producer on the Australian Stock Exchange with a production capacity of seven million pounds of uranium oxide.
Borshoff said nuclear is becoming the clear winner and the uranium supply industry is well-placed for significant growth and value uplift in global energy transition.
He added that rapid demand uplift in most major economies is increasing demand for nuclear energy.
“This hasn’t happened on such a broad scale since the oil shock days in the 1970s. Nuclear is the only viable option to provide sufficient baseload power supply while achieving zero emission.”
In terms of world nuclear power reactor growth, Borshoff said there are 323 proposed reactors, 100 reactors are planned, currently there are 436 nuclear reactors and 59 reactors are under construction.
He also named countries that are changing their energy policies in favour of nuclear. He mentioned that Sweden has changed policy from 100% renewable electricity production to 100% fossil Free.
Belgium has also reversed its decision to shut down reactors in 2025, now extends to 2036. Bulgaria has also announced plans to build four new reactors.
France plans to construct six to 14 new generation reactors. He added that the United Kingdom plans to approve one new nuclear reactor per year, targeting 25% nuclear by 2050. India is also planning to build six reactors.
