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LEU from the Megatons to Megawatts program. The program will expire toward the end of 2013, if the Russians decide not to renew the agreement—and that is the general expectation worldwide—the im- pact would be substantial but can be offset. A Look into the Future In 2012, world consumption of U was 165 mil- lion pounds (74.8 million kg) versus 152 million pounds (70 million kg) of mined U production. Globally there are 434 nuclear reactors operable, 67 reactors are under construction, 159 are on order or planned, and 318 are proposed. However, just counting the reactors currently under construction, it is expected that U demand will increase by 13%, pushing up annual consumption to 200 million pounds (90.7 million kg), and that is not accounting for any reactors in the planning stages. The problem is that some experts think we may only see as much as 180 million pounds (81.6 million kg) of annual U output by 2020; and it is estimated that spot prices need to reach and remain around $70–$80/pound U3O8 before mining companies will be prepared to bring on new projects to reach that 180 million pound (81.6 million kg) level. Campbell and Wise (2010) made some pre- liminary calculations on the likely development of production within the U.S. over the next 15 years and considered the impact of fuel additives, such as BeO and Th to improve fuel-burn efficiency on yellowcake production levels and the arrival of fast- breeder reactors by 2030. These projections may be pushed into the future some 15–20 years, although volatility in the spot and long-term price may return, which will push prices up over an extended period of time stimulating the start-up of those mines cur- rently poised to initiate production in the U.S. and overseas including Canada, Australia, and Kazakh- stan. There are plans for 13 new reactors in the U.S., three reactor units are under construction, and as many as six may come online in the next decade so U exploration and development of mines in the U.S. will need to be increased to supply these new reac- tors over this decade and beyond. U.S. Uranium Activities Exploration and mine development in the U.S., although slow at the moment, are posed to ramp up as soon as the yellowcake price begins to rise. Al- though Canada, Australia, and Kazakhstan can produce during low prices, the U.S. mines must have higher prices to meet stockholders expectations. The following are brief summaries of the more active companies in the U.S. by State: Arizona. Energy Fuels Inc. has shifted focus to mining low-cost, high-grade breccia pipes. At White Mesa, milling of U and V ores continues from stockpiles. Colorado. Energy Fuels Inc. reported that the Pinion Ridge U mill has won the approval of the Colorado Department of Health and Environment. Cotter Cor- poration at the Schwartzwalder Mine area will attempt a molasses and alcohol mix in Ralston Creek above the mine in a bioremediation exercise to treat a 24,000 ppb heavy metal contamination level. ASARCO Inc. is also conducting similar tests at its smelter in Denver, according to an Associated Press release to the Casper Star Tribune, March 4, 2013. Nebraska. CAMECO Corporation continued explo- ration drilling at Crow Butte with two drills. New Mexico. Strathmore Minerals Corporation an- nounced in March (2013) that the 3-year Roca Honda Mine area study by Mangi Environmental GroupÕs Draft Environmental Statement managed by the U.S. Forestry Service has been published. Uranium Resources Inc.Õs feasibility studies at its Section 8 property in the Grants Mineral Belt re- ported 6.5 million pounds (2.9 million kg) of 0.11% U3O8 with a 67% recovery of the deposit. Direct production costs have been estimated at U.S. $20 to $23 per pound U3O8. South Dakota. Powertech Uranium Corporation has its final Safety Evaluation Report for the Dewey- Burdock project, signaling the end of NRCÕs tech- nical reviews and requiring only the Supplemental Environmental Impact Statement and NRC review. The 6.7 million pound (3 million kg) indicated that U3O8 deposit covers 17,800 acres (7,203 ha) located on the southwest flank of the Black Hills, SD. An- other 4.5 million pounds (2 million kg) U3O8 are inferred in two additional deposits. Texas. Uranium Energy Corporation announced on February 28, 2013 receipt of a NI 43-101 resource estimate for 2.9 million pounds (1.3 million kg) American Association of Petroleum Geologists, Energy Minerals DivisionPDF Image | Unconventional Energy Resources
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