Uranium market "oversupplied"

3 October 2002

The OECD Nuclear Energy Agency (NEA) has published its annual review, covering the period up to the end of 2001, on world uranium resources, production and demand.

The review finds, among other things, that the increasing availability of secondary uranium supplies from the conversion of surplus weapons material, together with recent increases in commercial inventories, implies a continuing over-supplied, low-priced market. Low prices for uranium have impacted the production sector, resulting in consolidations, mine closures, and deferment of investment. Production and exploration are likely to remain low until sufficient evidence exists that secondary supplies, particularly inventories, are being exhausted, or that significant new requirements are emerging.

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