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URANIUM RESOURCESURANIUM RESOURCES
ExplorationExploration
Nuclear Fuel ResourcesNuclear Fuel Resources BostonBoston
October 13 – 14, 2010October 13 – 14, 2010
Jean René BLAISEJean René BLAISE
Uranium explorationUranium exploration
In 2008, worldwide exploration and mine development In 2008, worldwide exploration and mine development expenditures totalled about USD 1.64 billion.expenditures totalled about USD 1.64 billion.(USD 246 400 in the US)(USD 246 400 in the US)
Objectives: Identify new resources and bring new Objectives: Identify new resources and bring new production centers on line.production centers on line.
Majority of exploration activities concentrated in areas with Majority of exploration activities concentrated in areas with potential for unconformity-related, ISL amenable, and potential for unconformity-related, ISL amenable, and hematite breccia complex deposits.hematite breccia complex deposits.
But also « grass roots » exploration , and exploration in But also « grass roots » exploration , and exploration in areas known to have good potential based on past workareas known to have good potential based on past work
Nuclear Fuel Resources – October 13-14, 2010
Uranium exploration methodologyUranium exploration methodology
1- Selection of favorable areas1- Selection of favorable areas
2- Regional prospecting2- Regional prospecting
3- Detailed exploration3- Detailed exploration
4- Drilling and evaluation4- Drilling and evaluation
Nuclear Fuel Resources – October 13-14, 2010
1- 1- Selection of favorable areasSelection of favorable areas
Nuclear Fuel Resources – October 13-14, 2010
There are many factors to consider when planning an There are many factors to consider when planning an exploration program in a new area. exploration program in a new area. These include geological, accessibility, environmental These include geological, accessibility, environmental and land use, economic, and political factors. and land use, economic, and political factors.
The most important factors are geological, The most important factors are geological, but the other factors must also be considered to ensurebut the other factors must also be considered to ensure that an exploration program results in the achievement that an exploration program results in the achievement of its objective, the development and exploitation of a of its objective, the development and exploitation of a mineral deposit.mineral deposit.
1-1- Selection of favorable areasSelection of favorable areas
Nuclear Fuel Resources – October 13-14, 2010
Political framework (country stability, mining and fiscal Political framework (country stability, mining and fiscal legislation)legislation)
Environmental conditions (natural parks, activists)Environmental conditions (natural parks, activists)
Mining risks (infrastucture, currency, taxation)Mining risks (infrastucture, currency, taxation)
Human and financial resourcesHuman and financial resources
Land availabilityLand availability
Review of historical information (geology, past Review of historical information (geology, past exploration data, past mining activities)exploration data, past mining activities)
2- Regional prospecting2- Regional prospecting
– GeologyGeology
– Remote sensingRemote sensing
– Airborne surveysAirborne surveys
– GeochemistryGeochemistry
– Reconnaissance drillingReconnaissance drilling
– DeliverableDeliverable
Potential areas, Claims, Exploration PermitsPotential areas, Claims, Exploration PermitsNuclear Fuel Resources – October 13-14, 2010
Nuclear Fuel resources - October 13-14 2010
2. Regional prospecting2. Regional prospecting
Selection of areas for follow-up exploration should be carried out in Selection of areas for follow-up exploration should be carried out in light of all available geological, geophysical, geochemical and remote light of all available geological, geophysical, geochemical and remote sensing data. sensing data.
It is often useful to rank anomalies in terms of their priority for follow-It is often useful to rank anomalies in terms of their priority for follow-up workup work
Criteria for ranking anomalies:Criteria for ranking anomalies: -coincidence of anomalous results (geophysical and geochemical -coincidence of anomalous results (geophysical and geochemical anomalies, geochemical anomalies coincident with a favourable anomalies, geochemical anomalies coincident with a favourable geological situation or coincident multi-element geochemical geological situation or coincident multi-element geochemical anomalies)anomalies) -clustering of anomalous samples or readings as opposed to -clustering of anomalous samples or readings as opposed to single-point anomalies,single-point anomalies, -high individual geochemical levels or geophysical readings.-high individual geochemical levels or geophysical readings.
3- Detailed exploration3- Detailed exploration
Once ore-grade, or near ore-grade mineralization has Once ore-grade, or near ore-grade mineralization has been intersected, a new stage of exploration begins. In been intersected, a new stage of exploration begins. In most cases drilling is essential during this exploration most cases drilling is essential during this exploration stagestage
During the detailed exploration stage the potential of the During the detailed exploration stage the potential of the zone will be evaluated, and a decision must be made as zone will be evaluated, and a decision must be made as to whether to proceed to definition and resource to whether to proceed to definition and resource estimation, or to start looking elsewhere. estimation, or to start looking elsewhere.
Nuclear Fuel Resources – October 13-14, 2010
3- Detailed exploration3- Detailed exploration
Radiometric mappingRadiometric mapping
Geological mappingGeological mapping
GeochemistryGeochemistry
GeophysicalGeophysical
TrenchesTrenches
Large spacing drillingLarge spacing drilling
Deliverable: Evidences of uraniumDeliverable: Evidences of uranium
Nuclear Fuel Resources – October 13-14, 2010
4- Drilling and evaluation4- Drilling and evaluation
Geophysical, GeologyGeophysical, Geology
TopographyTopography
Drilling and logging, Chemical analysisDrilling and logging, Chemical analysis
Reserves calculationsReserves calculations
Mining tests, Processing tests (pilot plant)Mining tests, Processing tests (pilot plant)
Deliverable: Ore depositDeliverable: Ore deposit
Nuclear Fuel Resources – October 13-14, 2010
Nuclear Fuel Resources – October 13-14, 2010
Exploration MethodsExploration Methods GeologyGeology
Remote sensingRemote sensing
GeochemistryGeochemistry
Geophysical surveyGeophysical survey
Radiometric surveyRadiometric survey
DrillingDrilling
Mining and Processing testsMining and Processing tests
Nuclear Fuel Resources – October 13-14, 2010
GeologyGeologyA geological map shows the distribution, composition, and age of A geological map shows the distribution, composition, and age of the rocks and sediments in a specific geographic area.the rocks and sediments in a specific geographic area.
What do we include in geological mapping?What do we include in geological mapping?– detailed geological mapping of the mineralization itself and of the detailed geological mapping of the mineralization itself and of the
surrounding rocks,surrounding rocks,– petrographic studies of all major rock types and alteration types, petrographic studies of all major rock types and alteration types,
- detailed petrographic work on the ore zones- detailed petrographic work on the ore zones- identification of clay minerals within the alteration zone through use identification of clay minerals within the alteration zone through use
of x-ray diffraction,of x-ray diffraction,- lithogeochemical sampling of the mineralization, host rockslithogeochemical sampling of the mineralization, host rocks- U-Pb isotopic analysis of ore minerals in order to determine the age U-Pb isotopic analysis of ore minerals in order to determine the age
of the mineralizationof the mineralization- ... ...
Nuclear Fuel Resources – October 13-14, 2010
Remote sensingRemote sensing
Geologists have used aerial photographs for decades. Aerial Geologists have used aerial photographs for decades. Aerial photography and space imagery work especially well on geological photography and space imagery work especially well on geological subjects when the scenes they portray are minimally covered with subjects when the scenes they portray are minimally covered with vegetation vegetation
Aerial photographs serve as databases from which the following can Aerial photographs serve as databases from which the following can be made:be made:
- Define rock units (stratigraphy)- Define rock units (stratigraphy)
- Study the expression and modes of the origin of landforms - Study the expression and modes of the origin of landforms (geomorphology)(geomorphology)
- Determine structural arrangements (folds and faults)- Determine structural arrangements (folds and faults)- Seek surface clues (such as alteration and other signs of - Seek surface clues (such as alteration and other signs of
mineralization) .mineralization) .
Nuclear Fuel Resources – October 13-14, 2010
GeochemistryGeochemistry
Geochemistry can be used for uranium exploration both directly Geochemistry can be used for uranium exploration both directly - in the detection of uranium itself,- in the detection of uranium itself,
indirectlyindirectly- in the definition of geological features which may be associated - in the definition of geological features which may be associated with uranium mineralization (alteration). with uranium mineralization (alteration).
Some commonly used methods include:Some commonly used methods include:
-drainage sediment sampling (streams or lakes),-drainage sediment sampling (streams or lakes),
- water sampling (streams, lakes or wells),- water sampling (streams, lakes or wells),
-overburden sampling (soil or glacial overburden),-overburden sampling (soil or glacial overburden),
- vegetation sampling or biogeochemistry, and- vegetation sampling or biogeochemistry, and
- rock sampling.- rock sampling.
Nuclear Fuel Resources – October 13-14, 2010
Geophysical surveyGeophysical survey
Main objective in applying any geophysical technique is to map a physical property contrast
Most used methods:Most used methods:– Magnetic surveys (vein-type, unconformity-type deposits)Magnetic surveys (vein-type, unconformity-type deposits)
– Gravity surveys (to check for the presence of unexposed geological Gravity surveys (to check for the presence of unexposed geological features such as intrusive bodies, or faults)features such as intrusive bodies, or faults)
– Electromagnetic surveys (mineralization associated with a conductive Electromagnetic surveys (mineralization associated with a conductive body, such as a water-saturated clay-rich fault, a massive sulphide body, such as a water-saturated clay-rich fault, a massive sulphide zone, or a graphitic horizon)zone, or a graphitic horizon)
- Seismic surveys (Have been applied in the Witwatersrand Basin. - Seismic surveys (Have been applied in the Witwatersrand Basin. Could be used to locate and delineate fluvial channels in areas of Could be used to locate and delineate fluvial channels in areas of known or suspected sandstone-type uranium enrichment)known or suspected sandstone-type uranium enrichment)
Nuclear Fuel Resources – October 13-14, 2010
Radiometric surveyRadiometric survey
Radiometric survey is the geophysical method used specifically for Radiometric survey is the geophysical method used specifically for uranium detection as it is based on radioactivity. uranium detection as it is based on radioactivity.
Radiometric survey can be performed on foot, or from a land Radiometric survey can be performed on foot, or from a land vehicle or aircraft for large areas and regions where access is vehicle or aircraft for large areas and regions where access is difficult.difficult.
Although correctly interpreted radiometric measurements can be Although correctly interpreted radiometric measurements can be used to detect uranium ore deposits, they give little information as used to detect uranium ore deposits, they give little information as to the quantity or concentration of the ore. to the quantity or concentration of the ore.
A radiometric survey measures the distribution of three radioactive A radiometric survey measures the distribution of three radioactive elements (K, Th and U) in the top 30-45 cm of the earth’s crust.elements (K, Th and U) in the top 30-45 cm of the earth’s crust.
Nuclear Fuel Resources – October 13-14, 2010
DrillingDrilling
Nuclear Fuel Resources – October 13-14, 2010
Drilling is used at different stages of exploration, in particular when the potential for significant resources has been recognized (during the discovery stage), and a decision has been made to fully evaluate the prospect and carry out an accurate determination of the reserves.
Drilling includes:Hole DrillingHole survey (Collar, Deviation)Geological loggingGeophysical loggingCore samplingU analysisLog
Mining and Processing testsMining and Processing tests
Mining testsMining tests
Open-pit: 3D investigation of the deposit, Large samples for Open-pit: 3D investigation of the deposit, Large samples for processing tests, Selectivity testsprocessing tests, Selectivity tests
Underground: 3D investigation of the deposit, Underground drilling, Underground: 3D investigation of the deposit, Underground drilling,
Large samples for processing tests, Selectivity testsLarge samples for processing tests, Selectivity tests
Processing tests Processing tests
Test the metallurgical properties of mineralization and define the Test the metallurgical properties of mineralization and define the optimal processoptimal process
Nuclear Fuel Resources – October 13-14, 2010
Unconformity-related depositsUnconformity-related deposits
Definition:Definition:Unconformity-related deposits are associated with and occur Unconformity-related deposits are associated with and occur immediately below and above an unconformable contact that immediately below and above an unconformable contact that separates a crystalline basement intensively altered from overlying separates a crystalline basement intensively altered from overlying clastic sediments of either Proterozoic or Phanerozoic age.clastic sediments of either Proterozoic or Phanerozoic age.
Caracteristics:Caracteristics:Basement consists of middle to upper Lower Proterozoic Basement consists of middle to upper Lower Proterozoic metasediments including graphitic horizonsmetasediments including graphitic horizons
Lineaments and mylonite zones in basementLineaments and mylonite zones in basement
Intense alteration halos around deposit in basement and sandstoneIntense alteration halos around deposit in basement and sandstone
Examples: Examples:
McArthur, Cigar Lake, RangerMcArthur, Cigar Lake, RangerNuclear Fuel Resources – October 13-14, 2010
Unconformity-related DepositsUnconformity-related DepositsMcArthur RiverMcArthur River
1980: Start of McArthur exploration1980: Start of McArthur exploration
Electromagnetic surveys allowed the definition of Electromagnetic surveys allowed the definition of graphite in the basement fault that controls the location of graphite in the basement fault that controls the location of the deposit (depth of 500 to 600 m)the deposit (depth of 500 to 600 m)
1988: Discovery of McArthur deposit1988: Discovery of McArthur deposit
1995: Start of underground development and drilling1995: Start of underground development and drilling
1999: Start of production1999: Start of productionNuclear Fuel Resources – October 13-14, 2010
Unconformity-related DepositsUnconformity-related Deposits
Mac Arthur RiverMac Arthur River
C$ 450 million (US$ 330 million) spent from discovery to C$ 450 million (US$ 330 million) spent from discovery to production.production.
Reserves (as of 31 Dec 2009): Reserves (as of 31 Dec 2009):
128 000 tU @ 17.55 % U128 000 tU @ 17.55 % U
2009 production: 7 339 tU2009 production: 7 339 tU
Cumulative production at the end of 2009: 65 400 tUCumulative production at the end of 2009: 65 400 tUNuclear Fuel Resources – October 13-14, 2010
Unconformity-related DepositsUnconformity-related Deposits
Mac Arthur RiverMac Arthur River
Surface drilling:Surface drilling:
1980-2008:380 holes1980-2008:380 holes
161 857 m161 857 m
Nuclear Fuel Resources – October 13-14, 2010
Unconformity-related DepositsUnconformity-related Deposits
Mac Arthur River: Underground drillingMac Arthur River: Underground drilling
Nuclear Fuel Resources – October 13-14, 2010
Sandstone DepositsSandstone Deposits
Sandstone uranium deposits occur in medium to coarse-grained sandstones Sandstone uranium deposits occur in medium to coarse-grained sandstones deposited in a continental fluvial or marginal marine sedimentary deposited in a continental fluvial or marginal marine sedimentary environment. environment.
Types of deposits: Types of deposits: Roll-front, Tabular, Basal channel, Tectonic/lithologicRoll-front, Tabular, Basal channel, Tectonic/lithologic
Examples: Examples: Moyunkum, Inkay (Kazakhstan), Crow Butte, Smith Ranch, Colorado Moyunkum, Inkay (Kazakhstan), Crow Butte, Smith Ranch, Colorado Plateau (USA), Imouraren (Niger), Damalskoye (Russia), Beverley Plateau (USA), Imouraren (Niger), Damalskoye (Russia), Beverley (Australia), Mas Laveyre (France)(Australia), Mas Laveyre (France)
Nuclear Fuel Resources – October 13-14, 2010
Sandstone depositsSandstone deposits
Inkai, Kazakhstan (Roll-front deposit)Inkai, Kazakhstan (Roll-front deposit)
1976-1978: Discovery of the deposit by Volkovskaya1976-1978: Discovery of the deposit by Volkovskaya
1980-1996: Exploration drilling1980-1996: Exploration drilling
Block 1: 17 km2, 1368 holes, 80 holes/km2Block 1: 17 km2, 1368 holes, 80 holes/km2
Block 2: 230 km2, 2294 holes, 10 holes/km2Block 2: 230 km2, 2294 holes, 10 holes/km2
Block 3: 240 km2, 510 holes, 2.1 holes/km2Block 3: 240 km2, 510 holes, 2.1 holes/km2
1988-1995: Pilot plant1988-1995: Pilot plant
Nuclear Fuel Resources – October 13-14, 2010
Sandstone depositsSandstone depositsInkai, Kazakhstan (Roll-front deposit)Inkai, Kazakhstan (Roll-front deposit)
April 1999: Exploration and mining licences to JV InkaiApril 1999: Exploration and mining licences to JV Inkai
1999-20101999-2010
Blocks 1-2: No exploration. Reassesment of old dataBlocks 1-2: No exploration. Reassesment of old data
Pilot plant, development of processing infrastructurePilot plant, development of processing infrastructure
US$ 133.7 millionUS$ 133.7 million
Block 3: 726 exploration holes between 2006 and 2010Block 3: 726 exploration holes between 2006 and 2010
2009 US$ 7.0 million2009 US$ 7.0 million
2010 US$ 31.3 million (expected) 2010 US$ 31.3 million (expected)
Nuclear Fuel Resources – October 13-14, 2010
Sandstone depositsSandstone deposits
Inkai, Kazakhstan (Roll-front deposit)Inkai, Kazakhstan (Roll-front deposit)
Mineral Resources (Indicated + Inferred)Mineral Resources (Indicated + Inferred)
106 500 tU @ 0.04 % U106 500 tU @ 0.04 % U
Reserves (Proven + Probable)Reserves (Proven + Probable)
51 800 tU @ 0.06 % U51 800 tU @ 0.06 % U
2009 production: 720 tU2009 production: 720 tU
Mine capacity: 2000 tU / yrMine capacity: 2000 tU / yr
Nuclear Fuel Resources – October 13-14, 2010
Hematite breccia DepositsHematite breccia Deposits
Deposits of this group occur in hematite-rich breccias Deposits of this group occur in hematite-rich breccias and countain uranium in association with copper, gold and countain uranium in association with copper, gold silver and rare earths.silver and rare earths.
Main representative: Olympic Dam deposit in South Main representative: Olympic Dam deposit in South Australia.Australia.Total resources: 8. 34 billion tonnes @ 0.024 % U, 0.88 Total resources: 8. 34 billion tonnes @ 0.024 % U, 0.88 % Cu, 0.31 g/t Au, 1.5 g/t Ag % Cu, 0.31 g/t Au, 1.5 g/t Ag 2009 production: 2 955 tU2009 production: 2 955 tU
Other deposits and prospects: Prominent Hill, Wirrda Other deposits and prospects: Prominent Hill, Wirrda Well, Acropolis, Oak Dam, Mount Painter.Well, Acropolis, Oak Dam, Mount Painter.
Nuclear Fuel Resources – October 13-14, 2010
Hematite Breccia DepositsHematite Breccia DepositsOlympic DamOlympic Dam
1970-1975: Geological studies, Geology, geophysics, model building1970-1975: Geological studies, Geology, geophysics, model building- - Area favorable for sedimentary copper depositsArea favorable for sedimentary copper deposits
- Coincident magnetic and gravimetric anomalis- Coincident magnetic and gravimetric anomalis- Favourable tectonic lineaments- Favourable tectonic lineaments
1975: DH RD1 intersected 38m averaging 1.0% Cu1975: DH RD1 intersected 38m averaging 1.0% Cu1976: DH RD10 intersected 170 m averaging 2.1% Cu,1976: DH RD10 intersected 170 m averaging 2.1% Cu,
0.06 % U0.06 % U1981: Shaft sinking1981: Shaft sinking
Nuclear Fuel Resources – October 13-14, 2010
Hematite Breccia DepositsHematite Breccia DepositsOlympic DamOlympic Dam
1988: Start of mining1988: Start of mining
Resources (Dec 2000)Resources (Dec 2000)870 000 tU @ 0.05 % U870 000 tU @ 0.05 % U
Since 2005Since 2005Extensive drilling in the SE portion of the orebodyExtensive drilling in the SE portion of the orebody
Resources (June 2008)Resources (June 2008)1 980 000 tU @ 0.024 % U1 980 000 tU @ 0.024 % U
Nuclear Fuel Resources – October 13-14, 2010
Resources evaluationResources evaluation
The evaluation of the uranium potential is an ongoing activity The evaluation of the uranium potential is an ongoing activity throughout the life of the mine, from exploration to throughout the life of the mine, from exploration to development and production.development and production.
Various decisions have to be made and will have important Various decisions have to be made and will have important financial implications:financial implications:- Halt or continuation of the exploration and development - Halt or continuation of the exploration and development work,work,- Opening of a new mine,- Opening of a new mine,- Increase of production capacity,- Increase of production capacity,- Shut-down of the mining operations.- Shut-down of the mining operations.
Nuclear Fuel Resources – October 13-14, 2010
Different stages of an ore reserve estimationDifferent stages of an ore reserve estimation
– The resource databaseThe resource database– The geological modelThe geological model– In situ resource evaluationIn situ resource evaluation– Estimation of the recoverable reservesEstimation of the recoverable reserves– Quality of the estimationQuality of the estimation– Classification of resources and reservesClassification of resources and reserves
Nuclear Fuel Resources – October 13-14, 2010
The Resource DatabaseThe Resource DatabaseThe Resource Database is established by the collection,
verification, recording, storing and processing of the data and forms the foundation necessary for the estimation.
The Resource Database typically will include :- geological data (e.g.lithology, mineralization, alteration, and structure), - survey data,
- geophysical data, - geochemical data, - assay data, - rock quality, - bulk density information.
Nuclear Fuel Resources – October 13-14, 2010
The geological modelThe geological model
All geological information within the deposit should be transposed from plans onto sections (or vice versa) to confirm reliability and continuity using all available data (drill holes, mine workings, etc.).
Two directions of vertical sections (usually orthogonal) and plans should be used to ensure manual interpretations are internally consistent.
Nuclear Fuel Resources – October 13-14, 2010
In situ resource evaluationIn situ resource evaluation
Estimation obtained, within the enveloppe defined by the geological Estimation obtained, within the enveloppe defined by the geological model, using an above background cut offmodel, using an above background cut off
No mining cut offs or constraints are applied to the geological No mining cut offs or constraints are applied to the geological estimationestimation
There is no change in time of this estimation without new data.There is no change in time of this estimation without new data.
Estimation methods include polygonal or nearest neighbor estimates, inverse distance to a power, various kriging approaches
Nuclear Fuel Resources – October 13-14, 2010
Estimation of recoverable reservesEstimation of recoverable reserves
Due to the spatial variability of the quality of the ore, the overall Due to the spatial variability of the quality of the ore, the overall resources are rarely entirely mined. resources are rarely entirely mined.
Recoverable reserves depend on:Recoverable reserves depend on:
The cut off defined by the costsThe cut off defined by the costs
The support of the selection unitThe support of the selection unit
The information ultimately available at the time of the selection.The information ultimately available at the time of the selection.
Estimation methods:Estimation methods:
Service variable method, Disjunctive kriging, Uniform conditioning Service variable method, Disjunctive kriging, Uniform conditioning method, Models without edge effect, Conditional simulationsmethod, Models without edge effect, Conditional simulations
Nuclear Fuel Resources – October 13-14, 2010
Discovery costs in selected countries (1945-2008)
Nuclear Fuel Resources – October 13-14, 2010
CountryCountry RAR (tU)RAR (tU) Inferred Inferred (tU)(tU)
Identified Identified (tU)(tU)
Production Production (tU)(tU)
Id + Prod Id + Prod (tU)(tU)
Expl Exp Expl Exp (USD 1000)(USD 1000)
Discov cost Discov cost (USD/kgU)(USD/kgU)
AustraliaAustralia 1 176 0001 176 000 497 000497 000 1 673 0001 673 000 156 428156 428 1 829 4281 829 428 973 418973 418 0.530.53
CanadaCanada 361 100361 100 124 200124 200 485 300485 300 426 670426 670 911 970911 970 2 915 8992 915 899 3.203.20
FranceFrance 00 100100 100100 75 98275 982 75 99275 992 907 240907 240 11.9411.94
IndiaIndia 55 20055 200 24 90024 900 80 20080 200 9 1539 153 89 35389 353 407 457407 457 4.564.56
NigerNiger 242 000242 000 30 90030 900 272 900272 900 110 312110 312 383 212383 212 275 274275 274 0.720.72
South South AfricaAfrica
195 200195 200 100 400100 400 295 600295 600 156 312156 312 451 912451 912 186 990186 990 0.410.41
USAUSA 207 400207 400 NANA 207 400207 400 363 640363 640 571 040571 040 3 322 6133 322 613 5.825.82
Sub-total Sub-total non-USSRnon-USSR
2 236 9002 236 900 777 500777 500 3 014 4003 014 400 1 298 4971 298 497 4 312 9074 312 907 8 988 8918 988 891 2.082.08
USSR and USSR and CIS statesCIS states
669 600669 600 682 100682 100 1 351 7001 351 700 528 857528 857 1 880 5571 880 557 4 598 3334 598 333 2.452.45
TotalTotal 2 906 5002 906 500 1 459 6001 459 600 4 366 1004 366 100 1 827 3541 827 354 6 193 4546 193 454 13 587 22413 587 224 2.192.19
Conclusions relating to Uranium Exploration
Nuclear Fuel Resources – October 13-14, 2010
Worldwide, discovery costs of Known Resources (<USD 130 / kgU)Worldwide, discovery costs of Known Resources (<USD 130 / kgU)
+ Production vary from USD 0.05 / kg U to USD 16.39 / kg U, with an + Production vary from USD 0.05 / kg U to USD 16.39 / kg U, with an average cost of USD 2.27 / kg U.average cost of USD 2.27 / kg U.
Between 1945 and 2008, worldwide uranium exploration expenditures Between 1945 and 2008, worldwide uranium exploration expenditures are estimated to have totalled about USD 17 700 million.are estimated to have totalled about USD 17 700 million.
An estimated 154 300 km of exploration drilling were completed An estimated 154 300 km of exploration drilling were completed between 1970 and 2003.between 1970 and 2003.
Key dates in the Development of Selected Mines
Nuclear Fuel Resources – October 13-14, 2010
CountryCountry Deposit/MineDeposit/Mine Exploration beginsExploration begins Discovery of depositDiscovery of deposit Beginning of productionBeginning of production
AustraliaAustralia Beverley (ISL)Beverley (ISL) 19681968 19701970 20002000
Honeymoon (ISL)Honeymoon (ISL) 19681968 19721972 20102010
Jabiluka (UG)Jabiluka (UG) 19681968 19711971 Date unknownDate unknown
Olympic Dam (UG)Olympic Dam (UG) Early 1970sEarly 1970s 19761976 19881988
Ranger (OP)Ranger (OP) 19681968 19761976 19811981
BrazilBrazil Lagoa Real (OP)Lagoa Real (OP) 19741974 19761976 20002000
CanadaCanada Cigar Lake (UG)Cigar Lake (UG) 19691969 19811981 20122012
Key Lake (OP)Key Lake (OP) 19681968 Gaertner: 1975Gaertner: 1975
Deilman: 1976Deilman: 1976
19831983
19891989
McArthur River (UG)McArthur River (UG) 19811981 19881988 19991999
McClean Lake (OP)McClean Lake (OP) 19741974 19791979 19991999
KazakhstanKazakhstan Inkay (ISL)Inkay (ISL) 19761976 19791979 20012001
Kanzhugan (ISL)Kanzhugan (ISL) 19721972 19741974 19821982
Mynkuduk (ISL)Mynkuduk (ISL) 19731973 19751975 19871987
Uvanas (ISL)Uvanas (ISL) 19631963 19691969 19771977
NigerNiger Akouta (UG)Akouta (UG) 19561956 19721972 19781978
Arlit (OP)Arlit (OP) 19561956 19651965 19701970
History of elapsed time between discovery and start of mining
(all mining methods)
Nuclear Fuel Resources – October 13-14, 2010
0
5
10
15
20
25
30
35
1940 1950 1960 1970 1980 1990 2000 2010
Start of Mining
Yea
rs b
etw
een
Dis
cove
ry a
nd
Min
ing
Factors that control the elapsed time between the start of exploration
and the beginning of production
Nuclear Fuel Resources – October 13-14, 2010
Market price, availability of exploration capital, regulatory Market price, availability of exploration capital, regulatory requirements, political stabilityrequirements, political stability
Time for developmentTime for development
Time for licensing Time for licensing (including environmental impact assessment)(including environmental impact assessment)
Time for constructionTime for construction
These time frames are likely to expand as exploration targets become more elusive and as environmental and safety requirements become more stringent.