World's Current Measured Resources of Uranium Are Enough To Last About 90 Years as Demand Skyrockets

 FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Feb. 7, 2023 /PRNewswire/ -- In the last 60 years uranium has become one of the world's most important energy minerals. It is mined and concentrated similarly to many other metals. While uranium is used almost entirely for making electricity, a small proportion is used for the important task of producing medical isotopes. Some is also used in marine propulsion, especially naval. Uranium is a naturally occurring element with an average concentration of 2.8 parts per million in the Earth's crust. Traces of it occur almost everywhere. It is more abundant than gold, silver or mercury, about the same as tin and slightly less abundant than cobalt, lead or molybdenum. Vast amounts of uranium also occur in the world's oceans, but in very low concentrations.  A report from Market Reports World projected that the global Uranium market size was valued at USD 2736.31 million in 2022 and is expected to expand at a CAGR of 3.68% during the forecast period, reaching USD 3398.52 million by 2028.  The report said: "The global Uranium Market Growth is anticipated to rise at a considerable rate during the forecast period, between 2021 and 2029. In 2021, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon… Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications."  Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB:TRCTF) (CNSX:TRAC.CN), Denison Mines Corp. (NYSEAmerican:DNN) (TSX:DML.TO). Energy Fuels Inc. (NYSEAmerican:UUUU) (TSX:EFR.TO), Uranium Royalty Corp. (NASDAQ:UROY) (TSXV:URC.VN), Uranium Energy Corp (NYSEAmerican:UEC).