Uranium producers rush to reopen mines

 

WASHINGTON, Aug 09, 2005 -- United Press International

 

Australia, Canada, Russia and the United States are rushing to reactivate uranium mines now that China and India have committed the nations to nuclear power.

Concerns about safely disposing of nuclear waste led to a bust in uranium prices in the 1980s and systematic mine closures as nations such as the United States moved from using radioactive materials to generate electricity.

However, China, India and other developing countries have committed to nuclear power as fossil fuel prices soared and global warming concerns increased.

That has pushed uranium demand to 180 million tons a year while mines worldwide produce 90 million to 100 million tons, The Washington Post reported.

"The price of uranium has just about tripled since 2003," U.S. Energy Department analyst Ed Cotter told the newspaper. "The analysts all seem to agree that it's going to keep going up and up as the world moves more and more to nuclear power plants. And this time, the market is global."

A dozen uranium mines have reopened in Colorado and Utah and one expert told the newspaper hundreds could be operating in the next three years.

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