North America Uranium Production Expected to Help Meet Worldwide Nuclear Power Needs

PALM BEACH, Fla., June 7, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Canada is an important player in the world's production of uranium. Uranium mining in Canada for the domestic industry is also extremely important in the coming years as green solutions will be growing. Canada is the world's second largest producer of uranium, with approximately 13% of global production. Canada has the world's largest deposits of high-grade uranium with grades of up to 20% uranium, which is 100 times greater than the world average. The nuclear power industry in Canada is regulated by the Canadian Nuclear Safety Commission (CNSC). The CNSC regulates uranium mines and mills, as well as all the stages of the nuclear fuel cycle. Nuclear power supplies 15 percent of Canada's energy needs. Refining and fuel fabrication takes place in Saskatchewan and Ontario. The country's nuclear power industry is comprised of 18 CANDU reactors in Ontario and one in New Brunswick. These reactors consume about 25 percent of Canada's domestic uranium production. The other three-quarters of Canada's uranium is sent to global nuclear power markets. Uranium mining in Canada accounts for 13 percent of global output, making the Great White North the second largest producer of uranium in the world, behind only Kazakhstan. Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), Platinum Group Metals Ltd. (NYSE: PLG) (TSX: PTM), NexGen Energy Ltd. (NYSE: NXE) (TSX: NXE), Valaris Limited (NYSE: VAL), Baselode Energy Corp. (OTCQB: BSENF) (TSX-V: FIND).

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