Abstract
Current economic assessment implies that there are considerable quantities of uranium available for use in present thermal reactors, albeit at very high costs. However, this method of appraisal contains a fundamental contradiction concerning the relationship between the price of electricity and the cost of uranium concentrate. Derivation of real costs with the technique of energy analysis is used to correct this basic inconsistency. This approach demonstrates that the amount of economically recoverable uranium is substantially less than previously expected. Consequently, if current forecasts of nuclear power growth are achieved then serious shortages of uranium will occur in the foreseeable future.
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