Uranium is becoming an increasingly important part of discussions around global energy security, electricity demand and the expansion of nuclear power.
The nuclear industry relies on a consistent supply of uranium to fuel reactors, with future demand expected to increase as countries consider expanding nuclear generation to support low-carbon electricity production.
A retrospective published by the OECD Nuclear Energy Agency (NEA) and the International Atomic Energy Agency (IAEA) examines 60 years of uranium resources, production and demand. Drawing on 30 editions of the Red Book published between 1965 and 2025, it tracks the development of the global uranium industry, including exploration, mining, installed nuclear capacity and uranium prices.
Although global uranium resources are considered sufficient to meet projected requirements, maintaining supply will depend on continued exploration, mine development and investment. Long development timelines mean that new production capacity needs to be planned well ahead of anticipated demand.
Uranium enrichment is another important part of the nuclear fuel cycle. Most commercial reactors require uranium to be enriched to increase the concentration of the U-235 isotope before it can be used as fuel. The process is largely carried out using gas centrifuge technology, with a limited number of companies operating commercial enrichment facilities worldwide.
The enrichment market has also experienced changes as Western utilities seek to diversify supply away from Russia. This has encouraged investment in additional capacity, with existing operators planning expansions to support future requirements.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
