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Saudi quest to become a nuclear player is coming up short

Bloomberg News | April 5, 2023

Saudi Arabia’s efforts to break into the ranks of global uranium suppliers — and feed a nascent nuclear power program — are coming up short, with exploration investments failing to find any significant deposits of the heavy metal.

The amount worth developing is smaller than that found in Botswana, Tanzania or the US, according to an assessment published by the Nuclear Energy Agency and the International Atomic Energy Agency. This is the first time the Saudi government submitted data for the biennial Red Book, which is used by geologists prospecting for the commodity that fuels nuclear reactors

Saudi Arabia has spent more than $37 million since 2017 searching for deposits but only managed to identify reserves that would be “severely uneconomic” to mine, the report said. 

…………………… Saudi Arabia didn’t respond to requests for comment.

………………………. Yellowcake prices have declined in recent decades because of plant shutdowns and public concern over nuclear power. Global expenditures on exploration of about $350 million are near 10-year lows, according to the Red Book………………………….


April 6, 2023 - Posted by | Saudi Arabia, Uranium

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