Timely investments in exploration for uranium, mining operations, and processing techniques are needed to ensure that resources become available as they are needed, the Uranium - Resources, Production, and Demand 2024 report found, according to a Tuesday release.

Nuclear Energy Agency.

The report was published by the International Atomic Energy Agency and the Organization for Economic Co-operation and Development

Sufficient uranium resources exist to support both the continued use of nuclear power and its growth through 2050 and onward, they noted.

The report indicates that globally identified recoverable uranium resources clocked in at 7.9 million tonnes as of Jan. 1, 2023, representing all reasonably assured and inferred uranium resources that could be recovered at market prices ranging from $40 per kilogram of uranium to $260 per kilogram.

Global domestic exploration and mine development expenditures reached $800 million in 2022 and preliminary data for 2023 suggest a further rise to $840 million.

Production increased by 4% between 2020 and 2022 and the report suggests the trend is likely to continue in the coming years.

The establishment of new production centers is expected to face significant lead times due to a risk-averse investment climate, as well as complex and lengthy regulatory processes in many uranium mining jurisdictions.