What is the future of uranium exploration?

Nuclear power is expected to become cost competitive against coal and natural gas in the near future and as a result a large increase in the demand for uranium is anticipated. The cost of coal and natural gas to generate electricity is expected to grow as a result of constraints placed on the market in regards to carbon emissions. As well, the demand for uranium will increase as China increases it's energy consumption.

For nuclear energy to maintain its current role in electricity generation in the US and around the world, a large number of new reactors will be needed. As well, to have a noticeable effect on carbon emissions and a cleaner environment, the existing reactor fleet will have to grow dramatically.

A lack of mining investment due to over supply and low commodity prices has left the world with a resounding shortfall in uranium. The gap between supply and demand, and the resulting price increase of uranium, has now led to a resurgence of uranium exploration.

How is uranium traded?

Unlike many other commodities, uranium does not trade on the open market, instead buyers and sellers negotiate privately. Prices are published by independent market consultants.

Where does uranium come from?

Just over half of the annual demand comes from mines -- one third of this from Canada (the richest uranium ores ever discovered were found in Saskatchewan) and nearly one quarter from Australia. A large portion of uranium comes from Russian nuclear weapon stockpiles such as recycled warheads. This is actually the source for one tenth of all US electricity.

How is uranium used in nuclear reactors to produce electricity?

Heat produced by the fission of uranium is used to heat water in the nuclear reactor. The steam that is produced is used to drive turbines which run large electric generators.

How much nuclear power is used around the world?

16% of the world's electricity is generated from nuclear power. In Canada, about 15% of our electricity is generated using nuclear power (50% in Ontario). In the last 25 years, the world primary energy demand grew by more than 50%. It is expected to continue to grow at a similar rate well into the 21st century.

Currently there are 17 nuclear power reactors in Canada and hundreds worldwide.

What effect does nuclear power have on the environment?

Unlike the burning of fossil fuels, nuclear power doesn't contribute to urban smog, soot, acid rain, or increase carbon dioxide emissions. Generating electricity using nuclear power provides us with a safe, environmentally friendly alternative way of providing base load energy requirements. Today, well over two billion tonnes of carbon dioxide emissions are avoided each year because of nuclear power.

Do uranium mines damage the environment?

Any mine will have an impact on the immediate area of its operation, but environmental controls ensure that this does not extend to the surrounding environment. All mines now rehabilitate the site upon conclusion of mining operations and uranium mines are no exception. Most major uranium mines in Canada and Australia have (or operate under) ISO 14001 certification which sets and requires a very high international standard for environmental reclamation. Because uranium mineralization at Crosshair's CMB Property is naturally present at surface, the surrounding ecosystems have been exposed to low level radiation for millions of years with no known harmful effects.

Is uranium safe?

The extraction of uranium through mining and the use of uranium in nuclear power plants are heavily regulated and monitored. In Canada the Canadian Nuclear Safety Commission enforces Nuclear Security Regulations, which ensure that Canada does not export uranium or technology for use in nuclear weapons. Nuclear energy is safe, inexpensive, and allows energy to be produced without adding to atmospheric pollution or global warming. Uranium is also used as a fuel source in space exploration and has medical applications (e.g. used in treating cancer).

Is radiation harmful?

Uranium is one of several naturally radioactive elements which are found virtually everywhere on Earth and is the source of a portion of the radiation which we are exposed to all the time. Other sources include microwaves, televisions, and cellphones. The government and industry work together to protect the general public from exposure to high doses of radiation, which can be harmful. Industry is required to meet government standards to ensure the health, safety, and security of the public and the environment. Although radiation exposure on Crosshair's CMB Property is very low as the grade is approximately 0.1%, Crosshair makes every effort to minimize the amount of radiation its employees are exposed to. All employees working around radioactive material wear personal protective equipment and dosimeter badges which measure the level of radiation exposure.

How do you dispose of the radioactive wastes?

Unlike waste from most fossil fuels, virtually all nuclear waste is contained and managed rather than released into the environment. Some of the wastes are hot and very radioactive, but these are small in quantity and easily managed. They have never posed a significant hazard to anyone and are unlikely to do so. Long-term disposal of such wastes will be in deep geological repositories.

Radioactive waste diminishes naturally with time and the means to isolate it from humans and the environment while it decays are simple and well known. For example, the level of radioactivity in spent fuel drops to one thousandth of its original level in 40-50 years.

Nuclear Energy: Fact and Fiction

Misconceptions	The Facts
Uranium mines pollute their environments. Tailings dams leak and cause pollution.	Uranium mines today aim for no release of pollutants. Any water release is from surface run off and is near drinking standard. Tailings do not normally cause pollution off site.
Uranium tailings are radioactive for hundreds of thousands of years.	The level of radioactivity released by uranium tailings is very low. The radioactivity is not created it was already present in the ore-body. Reclamation procedures ensure that uranium mines are safe, stable, and cause no harm.
Prolonged exposure to uranium will cause radiation sickness in miners	Uranium mining in Canada is highly regulated. Health Canada ensures that no ill or adverse health effects are likely.
There is no safe level of radiation exposure.	We are exposed to low levels of radiation at all times and are not harmed by them.
Renewable energy sources should be used instead.	Renewable energy may be used as much as possible, but intrinsic limitations (diffuse, intermittent sources) mean that wind and sun can never economically replace sources such as coal, gas and nuclear for large-scale, continuous, reliable supply.
Reprocessing spent fuel gives rise to plutonium which is likely to be used in bombs	The plutonium obtained from reprocessing is not suitable for bombs but is a valuable fuel which can be used with depleted uranium as mixed oxide fuel (MOX).
Mining Australian/Canadian uranium contributes to nuclear weapons proliferation.	All traded uranium is sold for electricity production only, and two layers of international safeguards arrangements confirm this. Western suppliers have no customers failing to conform to stringent accounting and auditing requirements.
Nuclear energy makes only a trivial contribution to world energy needs.	Electricity generation uses 40% of the world's primary energy. Nuclear provides 16% of world electricity, more than the total electricity produced worldwide in 1960.
Transport of uranium and other radioactive material is hazardous	Any such material is transported in containers designed to ensure safety in any circumstance. Petrol tankers on a public road are more of a hazard than any radioactive material in transit anywhere.
The nuclear industry is responsible for horrific wastes which will endure as a nightmare for our grandchildren.	Nuclear power is the only energy-producing industry which takes full responsibility for managing all its wastes, and bears the cost of this.

Sources:
www.uic.com.au
www.ccnr.org
www.world-nuclear.org
Sun Jul 16, 2006 - The New York Times Magazine: The Nuclear Option