The U.S. Senate passed legislation banning Russian uranium imports – and Washington is counting on Canada to step up and fill the gap
A worker steps off a mining winch during routine maintenance at the Energy Fuels Inc. uranium Pinyon Plain Mine on Jan. 31, near Tusayan, Ariz.signed off on it. The ban involves a phase-in period, until the end of 2027, to allow domestic production and supplies from allies to ramp up. Given that Russia supplied the U.S. with roughly a quarter of its uranium needs in 2022, this is no small task. According to U.S., Washington is counting on Canada to step up and fill the gap.
Practically all of the world’s current uranium supply is accounted for over the next few years. Yet even with prices nearly quadrupling in a three-year period, the world’s largest producers have not begun to dramatically expand capacity. In fact, when Kazakhstan-based Kazatomprom, the world’s largest uranium producer, updates the market in August with its quarterly report, it is widely expected to lower output yet again.
Premier Scott Moe of Saskatchewan has offered some of the best lessons for eliminating the red tape holding Canada back while maintaining “best in class” environmental standards. His province’s streamlined processes and reduced bureaucracy should serve as a model for the federal government.
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