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Uranium Hunter Corporation has announced it has acquired properties in West Africa in order to explore growth opportunities in the demand and supply of uranium for future world demand of electricity
The company said that demand for nuclear power is being fuelled by China, India and Russia, which, despite their large populations, are some of the lowest consumers of electric power in the world.
Gregory Ellis, president of Uranium Hunter, said, “The increase in the world's demand for electricity and the use of nuclear power provides tremendous opportunities for anyone securing new production of uranium.
“We are anxious to be a part of that new production and to take advantage of the opportunities that will be available in the future," he added.
According to British Petroleum’s Energy Outlook 2030 study, China, India and Russia will increase their use of nuclear power by 7.8 per cent per year through 2030.
The study suggested that nuclear power demand from these countries will more than double by 2020 and quadruple by 2030.
The world currently has 436 active nuclear reactors with a total capacity of 374 GW, and a further 62 reactors under construction, adding 63 GW of capacity.
According to the World Nuclear Organization, each gigawatt of increased capacity requires approximately 200 metric tonnes of uranium per year, while the first fuelling for new reactors requires between 400 and 600 metric tonnes of uranium.
The 62 new plants will therefore require a minimum of 25,000 metric tonnes of uranium in their first year of production and 12,400 metric tonnes per year following that.
The World Nuclear Organization has reported that total demand for uranium hit 67,990 metric tonnes in 2012, with new plants under construction increasing that number by 18 per cent.
Uranium Hunter claimed that a further 484 reactors are either on order, planned, or proposed, with China alone accounting for 171 of those. India meanwhile accounts for 57 and Russia the remaining 44.
These potential reactors represent 542 GW of electric power, meaning that, if built, they will more than double the existing nuclear fleet, stretching current supplies to the limit.