While uranium production is expected to fall short of demand by 2015, identified minable uranium resources are projected to increase 10 to 15 per cent this year spurred by renewed interest in the uranium market.

Currently, uranium production accounts for less than two-thirds of annual demand and the rest is made up for the most part by U.S. and Russian stockpiles from a program that will end in 2013. The supply shortfall is also based on the belief that demand out of Asia and the Middle East as been largely underestimated, said Sebastien de Montessus, Areva’s director of mining business.

In 2007, the amount of economically viable identified uranium resources worldwide was estimated at 5.5 million tonnes, according to the Nuclear Energy Agency in Paris and the IAEA.

Ganguly and others expect this number to rise this year based on mining industry efforts in Australia, Canada, India and Russia. “From the trend based on the (symposium) presentations … you’ll see at least a 10-15 per cent rise [in 2009] in identified resources,” he said. “In Australia, in Russia, in Canada, all the presentations that we have heard so far, there is an upward trend.”

However, an increase in identified resources below the ground this year does not equal a rise in above ground supply adequate enough to meet current rising demand. Bringing an identified uranium deposit through the exploration and development stages into production can take as much as 10 years or longer.

And many in the industry are saying uranium spot prices still remain too low for miners to take on the heavy costs of bringing new projects into production presently.

“Producers around the world need to see some signs of higher spot prices over the next few months to press the button for new projects,” said De Montessus. The spot price needs to hit around $70 to $80 a pound, he added.

Currently, spot prices range from $55 to $65 per pound, up from $40 in April (the lowest level in three years). While spot prices are important to consider in how active uranium mining might become in the U.S., the important thing for Virginians to note in this article is the dissolution of the popular myth that "what is mined in Virginia stays in Virginia."

First, mining and milling yellowcake is not the end process for uranium ore. It must then be shipped to an enrichment plant in Paducah, KY (currently the only active enrichment plant in the U.S.); or, it is shipped out of the country for enrichment. Then, the enriched uranium goes to the highest bidder. According to this article - one that is marketed to uranium investors - the markets that may demand the most enriched uranium are in Asia and the Middle East. But, other markets outside the U.S. may develop that will take Virginia's uranium ore once it has left the state for enrichment.

This piece of the linked article also mentions the countries that are historically the largest uranium mining entities - Australia, Canada, India and Russia, with upward trends in more mining expected in all but India.

Note, as well, that this article states, "Bringing an identified uranium deposit through the exploration and developmental states into production can take as much as 10 years or longer." This statement debunks another uranium mining myth that mining in Virginia will allow miners and their families to "get rich quick." Although Virginia Uranium Inc. has had twenty-five years to explore Coles Hill's uranium vein with drill holes (permission granted by the state), it still will take time to build a mill (a very carbon-intensive project - which also debunks the myth that nuclear power is carbon-neutral) and to begin mining and milling.

In the end, the uranium prices on the market will need to remain high enough to make mining worthwhile. The principle of supply and demand will force prices higher - more demand + less supply = higher prices. Since uranium is not a renewable energy source, at some point down the road, when uranium has reached its peak, the demand will increase for a way to recycle depleted uranium rather than for mined yellowcake.

If you find this concept difficult to imagine, then think about current situations with "peak oil." The reason the prices are higher on oil is because the demand is high and the supply - whether because it is, indeed, becoming depleted or because it is being hoarded for financial reasons - makes the price high. This high price has led to a cry for "energy independence."

Within the demand for energy independence is an effort to mine new uranium sources. This leads to Virginia, with a resource that can hypothetically fuel U.S. nuclear power stations for approximately two years. Although proponents for mining state that this mining is vital to America's energy independence, I say that our independence, then, is short-lived in comparison to the time and energy and money that can be channeled into conservation and into renewable resources for energy.

But, this uranium vein runs the length of Virginia north and south, and lifting the uranium mining moratorium means that the entire state is open for mining. Will this vein be mined along the entire length of this state, providing enough yellowcake to fuel power plants for two years here and another two years there? While the article above states that it takes ten years to prepare to mine, they neglect to state that it will take thirty to fifty years to deplete one portion of a vein's resource. In other words, you may not be around to enjoy the power generated by Virginia's uranium, but you will leave the legacy of above-ground radioactive resources for your grandchildren.

Many proponents for nuclear power insist that anti-uranium mining advocates must have an alternative that will replace nuclear power if the latter energy resource is not considered viable. But, they don't allow anti-uranium advocates to talk about wind, solar or water power as these resources - which are renewable - are "only 1 percent of the solution" (see comments in http://www.grist.org/article/virginia-oks-uranium-mining-study/ ). Note that this person's comment only addresses wind and solar, ignoring hydro totally.

Additionally, that comment is not correct, as - according to a two-year-old report generated by the University of Michigan [PDF] (http://css.snre.umich.edu/css_doc/CSS03-12.pdf ), wind alone is responsible for three percent of this country's energy. If you go to this factsheet, please read more about how the U.S. truly can become energy independent. Our fate, unlike the myth perpetrated by pro-nuclear advocates - does not rest in uranium mining and milling.

In fact, this country is far behind other countries in creating the facilities to compete with uranium mining currently active in Australia and Canada. While this fact may spur some of you to demand more uranium mining in this country now, I would respond that tapping into that resource negates America's power. When the time is right, this country could be sitting on a nonrenewable resource that could provide even more security for Americans.

Additionally, by the time it comes to tap into that resource - perhaps a century down the road - America may be leading the world in renewable energy resources AND in conservation. But, that decision is up to you. Will you fall into the trap of myths generated by false hope and fear? Myths that actually weaken this country and deplete its resources? Or, will you operate on logic and determination and demand more renewable energy resources? Will you sacrifice and conserve energy? Energy conservation could supply up to 30 percent or more relief on current energy needs (see some links below).

Finally, when someone approaches you with information about the nuclear power industry, don't take that information at face value. Ask for proof to back up their information. Ask for reliable sources, too. And, don't be fooled by resources that seem reliable...question those resources as well. Find out who is on the board, their connections to the nuclear power industry and their stake in uranium mining and milling.

Myths were generated to provide people with lessons on how to live life. They involved gods and goddesses with power greater than those that humans have. Myths also were created to help the powerful maintain control over the uneducated masses. Myths can be shattered. Once you refuse to allow them to have control over your life, you may become the visionary that this country needs to lead the way into the future.

http://buildingsdatabook.eren.doe.gov/docs/DataBooks/2008_BEDB.pdf – this intensive booklet [PDF] offers insights into how Americans use their resources and the impacts that this usage has on the environment. This resource was published by the Department of Energy in 2008.

http://www1.eere.energy.gov/consumer/tips/ - this PDF offered by the Energy Efficiency and Renewable Energy department of the U.S. Department of Energy provides easy-to-use tips on how to conserve energy around your own home and in your life.