Russia and China are taking away scarce uranium from Kazakhstan from the EU and the US.
Kazakhstan, which supplies 40% of the world’s uranium production, sold two-thirds of its production to Russia, China and the domestic market in 2023, while the share of supplies to the US, Canada, France and the UK decreased to 28%.
The US and Europe are facing an increasing risk of a uranium shortage amid growing demand for nuclear energy. The main supplier, Kazakhstan, is reorienting supplies to Russia and China, which is reducing the availability of raw materials for Western countries. This is reported by the Financial Times.
According to analysts, Moscow and Beijing are actively competing for resources in Central Asia and Africa, increasing pressure on the market. At the same time, uranium reserves remaining after the accident at the Fukushima nuclear power plant are gradually being depleted.
Western countries plan to significantly expand the use of nuclear energy by 2050, but current supply problems could threaten these plans.
Kazakhstan, which supplies 40% of the world’s uranium, sold two-thirds of its production to Russia, China and the domestic market in 2023, while the share of supplies to the United States, Canada, France and the United Kingdom fell to 28%.
An additional risk is posed by Niger, a key supplier of uranium for European nuclear power plants, which last year reduced exports to the EU by a third.
Experts warn that if the West does not take measures to ensure a stable supply chain, global nuclear energy could face serious challenges.
Earlier it became known that Russia will give uranium mines in Kazakhstan to China. Uranium reserves in Kazakhstan, which does not yet have its own nuclear power plant, are about 15% of the world’s total and are second only to Australia.