nuclear-news

US cutoff of Russian uranium imports viable but costly to replace

The Sun, 3 May 24

WASHINGTON: The United States’ move toward banning imports of Russian uranium will be viable but replacing that supply will be costly to fund the necessary investment needed to meet the growing demand, a leading US uranium firm and expert told Sputnik.

The US Senate on Tuesday passed the Prohibiting Russian Uranium Imports Act, sending it to President Joe Biden’s desk to be signed into law. The legislation bans US imports of unirradiated low-enriched uranium produced in Russia or by a Russian entity and measures to close loopholes.

However, the legislation allows waivers should the US determine that no alternative viable source of low-enriched uranium is available to sustain the continued operation of a US nuclear reactor or nuclear energy company, or if it also determines the importation of uranium is in the national interest. Any waiver issued by the US Energy Department must terminate by January 1, 2028, while the ban expires on December 31, 2040.

Scott Melbye, executive vice president of Uranium Energy Corporation and president of Uranium Producers of America, told Sputnik that the ban will mean the US will boost uranium production in the coming years, but also noted that significant new investment will be needed for that to happen.

“The US and its close allies have sufficient mineral resources, technologies, and companies to regain this level of leadership, however, significant capital needs to be deployed to make that a reality,“ Melbye said…………………………………………………………………….

The industry executive noted that the US, Canada, Japan, and the United States plan to mobilise US$4.2 billion to promote a reliable global nuclear energy supply chain, which presents strong export opportunities for American uranium.

The EIA notes that during 2022, 3 per cent of the uranium loaded into US civilian nuclear power reactors was US-origin uranium and 97 per cent was foreign-origin uranium. The United States purchased a total of 32.1 million pounds of uranium concentrate from abroad in 2022.

In 2022, Russia supplied almost a quarter of the enriched uranium used to fuel America’s fleet of more than 90 commercial reactors.

Princeton University Professor Frank Von Hippel, who has served as the US Assistant Director for National Security in the White House Office of Science and Technology Policy, also believes the plan is possible, but will require Western nuclear utilities to spend more.

“It would require the Western nuclear utilities to buy more uranium and to pay more for enrichment work,“ Von Hippel told Sputnik. “The US utilities, at least, are notoriously sensitive to even small cost increases. That is why it has taken two years for Congress to get to this point. And… they are allowing escape clauses if any utility really gets desperate.”

The legislation is meant to cut off a source of revenue to Russia amid its special military operation in Ukraine, but Von Hippel said he does not expect it to make much of a difference considering Russia gets most of its foreign exchange from selling oil and gas.

Russian nuclear company Rosatom could be expected to lose some reactor sales and some fuel sales in some other countries because of the ban, but other countries that have already signed contracts for new reactors, and have them under construction, are locked in, Von Hippel added.

Sarah Fields, programme director for environmental group Uranium Watch, said that although her group supports cutting off revenue to Russia, they also urge the United States to end its reliance on nuclear power.

“The United States should end its reliance on nuclear power, which is not a viable solution to climate change,“ Fields told Sputnik. “Uranium Watch does not support the expansion of uranium fuel production in the United States. With no national repository for long-term care and disposal of spent nuclear fuel, it is irresponsible and foolish to continue to extend the lives of existing nuclear reactors and support the development of new reactors.”

Fields further said that uranium mining is the least regulated part of the nuclear fuel chain and continues to pollute land, air, and water as well as expose rural and Indigenous communities to radiological emissions and contamination……………………………. https://thesun.my/world/us-cutoff-of-russian-uranium-imports-viable-but-costly-to-replace-DG12413527

May 5, 2024 - Posted by Christina Macpherson | Uranium, USA