Skip to Content

A billet of highly enriched uranium that was recovered from scrap processed at the Y-12 National Security Complex Plant. Wikipedia

The state of the world uranium market

We all remember very well the Russian-American agreement on the processing and supply of uranium , which was signed in February 1993 by Prime Minister Viktor Chernomyrdin and Vice President Al Gore. Russia pledged to supply the United States with low-enriched uranium (LEU) obtained from 500 tons of highly enriched uranium (HEU) for 20 years.

Published: May 6, 2022, 10:44 am

    The Americans also pledged to accept, place on the market, pay for the work of separation and the natural uranium component of LEU. The first delivery of low-enriched uranium to the United States was made in May 1995, and the last on November 14, 2013. In total, 14,446 tons of LEU were exported under the Gor-Chernomyrdin deal. This far exceeds the total amount of uranium produced in the US in history.

    Between the Russian Federation and the United States was also concluded an agreement to process some of the weapons – grade plutonium into fuel for nuclear power plants. At the time of its conclusion, there were 125 tons of plutonium in the Russian Federation, and 100 tons in the USA. It was supposed to process 34 tons on each side. The Russian side fulfilled its part of the agreement, and the United States, in violation of the agreements, changed the technology and retained the possibility of “recovering” reprocessed plutonium into weapons-grade plutonium, in connection with which Russia withdrew from the agreement.

    The situation led to huge financial losses, approximately $8 trillion. Russia lost its position in the uranium market for decades.

    Sanctions have not yet affected uranium supplies from Russia. The United States continues to want to receive this raw material. If supplies stop, all US nuclear power will have to stop in a year. The consequences will be catastrophic for the States. The Energy Information Administration (EIA) reports that by the end of 2020, about 90 percent of the uranium used in the United States is imported. Of these, 47 percent – for supplies from Kazakhstan, Russia and Uzbekistan. For American nuclear power plants, 48.9 million pounds of uranium oxide U3O8 were purchased. Of this volume, the United States produced only 5 million pounds on its own.

    The uranium market in the US is controlled by two large groups of suppliers. Canada and Australia supply 34 percent. Russia and Kazakhstan 38.6 percent. In the state corporation Kazatomprom, controlling stakes in uranium mines in Kazakhstan belong to Rosatom. Kazakh uranium is enriched at Russian plants.

    Of the 440 power units in the world, 93 are located in the United States. And the only commercial uranium enrichment facility in New Mexico was commissioned in 2010. It belongs to the Urenco company headquartered in the UK. Most of the uranium processed for industrial use in the United States is supplied by Urenco. It is impossible to promptly increase production and enrichment of uranium.

    The officially explored uranium reserves in America are only 1 percent of the world’s, although some of the reserves may not be “declared”. The prospect of imposing sanctions on uranium supplies could cut off the EU and the US from nuclear fuel from Russia.

    Fuel for nuclear power plants in the United States will last for about a year. What’s next? Only an uncontrolled rise in the cost of uranium on the “free” market. Rosatom accounts for 35 percent of the world production of enriched uranium. The 55 American nuclear power plants with a total capacity of 95.5 GW generate 19.7 percent of electricity in the United States.

    There is nothing to compensate for this volume, since there are no spare capacities in the USA. For the time needed to increase production and enrichment, nuclear power plants will still have to be closed. And stopping so many reactors at the same time and safely is a very difficult task.

    Since a full-scale economic war is now being waged against Russia, it is necessary to consider all possibilities for protection, including the termination of uranium supplies to the US and the EU.

    Of course, for Russia this will mean the loss of a large market. But one should not repeat Chernomyrdin’s mistakes for the sake of short-term gain. A new market will be formed on more favorable terms for Russia, among the potential participants of which are India, China and Iran.

    Carl Friedrich

    Consider donating to support our work

    Help us to produce more articles like this. FreeWestMedia is depending on donations from our readers to keep going. With your help, we expose the mainstream fake news agenda.

    Keep ​your language polite​. Readers from many different countries visit and contribute to Free West Media and we must therefore obey the rules in​,​ for example​, ​Germany. Illegal content will be deleted.

    If you have been approved to post comments without preview from FWM, you are responsible for violation​s​ of​ any​ law. This means that FWM may be forced to cooperate with authorities in a possible crime investigation.

    If your comments are subject to preview ​by FWM, please be patient. We continually review comments but depending on the time of day it can take up to several hours before your comment is reviewed.

    We reserve the right to del​ete​ comments that are offensive, contain slander or foul language, or are irrelevant to the discussion.


    Retired Turkish admiral questions wisdom of Sweden and Finland joining NATO

    AnkaraRetired Turkish Rear Admiral Ali Deniz Kutluk said the constant expansion has turned NATO into a cumbersome and unmanageable organisation. The discussed inclusion in the North Atlantic Alliance of two more countries – Finland and Sweden – will make the structure even weaker, and ultimately more dangerous for current members.

    Latest Great Reset fantasy: Ban food photography!

    BerlinLast week, German Minister Volker Wissing (FDP) made a typical political mistake: Rules for thee but not for me. In order to reduce the "energy consumption" of advancing digitalisation, Wissing seriously recommended that Germans refrain from frequently posting photos of food on the internet. Then his Instagram posts surfaced.

    Spain: Toy advertisements may no longer be pink or blue

    MadridIn Catholic Spain, of all places, gender activists have won a new victory. Children's and babies' toys may now no longer be advertised in "gender-specific" colours such as pink and light blue. In Germany, woke parents are subjecting their children to the same grooming.

    Global demand for vaccines drops sharply

    Chinese biotech firm Kexing Holdings has made a fortune selling Sinovac's Chinese vaccine. A few days ago, however, it became known that the bonus payments were withheld and most of the workforce has been laid off. Exports of Chinese vaccines (Sinovac, Sinopharm, CanSino) were 97 percent lower in April than in September 2021.

    Finland will apply for NATO membership – Sweden will follow on Monday

    HelsinkiIt is now clear – Finland will apply for NATO membership on Sunday. Sweden will submit an application on Monday according to information.

    Great Reset: ‘Famine threatens to wipe out 300 million’

    BerlinThe mainstream media has repeated the simple logic regarding the supposed causal chain of the current disrupted trade and supply flows and global supply shortages: It is the aftermath of the Ukraine war, the inevitable consequences of morally justified sanctions against Russia, and repercussions of the "pandemic".

    Sweden: Large increase in individuals with intellectual disabilities

    StockholmAccording to a study published in the Swedish journal Psykologtidningen, a sharp increase in the diagnosis of mild intellectual disability is seen in Sweden. The worst affected is Örebro, where the increase is over 600 percent. At the same time, researchers warn that the IQ is falling in Sweden year by year.

    Hungary announces veto on oil embargo

    BudapestHungary has announced that it will veto the EU's planned embargo on Russian oil imports. The country will not vote for the sanctions package as it will destroy Hungary's secure and stable energy supply and make it impossible to source the oil needed for the economy, according to Foreign Minister Péter Szijjártó.

    Big Tech, the top lobbyists in the EU

    BrusselsWith 97 million euros per year, Big Tech is the largest lobbying sector in the EU. With the sector's increasing financial power, its political influence has increased.

    Canadian sniper: ‘The war is a terrible disappointment’

    MontrealThe Canadian newspaper La Presse published an interview with Wali, a sniper who had returned from Ukraine. In short, "one of the best snipers in the world" fired only two shots in two months.

    Go to archive