Jun 6 2005
Northwestern Mineral Ventures Inc. has announced that it has filed applications for two prospective uranium exploration concessions in the democratic West African country of Niger, the world's third largest uranium producer. The concessions applied for total 4,000 square kilometers (988,000 acres) and were selected for their favorable geology, exploration potential and strategic location - within the same strategraphy to two operating uranium mines which together yield almost 10% of worldwide production.
Northwestern is now awaiting approval of the concession applications pending the final review and acceptance by the Government of Niger. Formal approval of the applications are subject to the discretion of the regulatory authorities in the Republic of Niger, and there is no guarantee that the applications will be granted. Further details of the concessions will be provided if, as and when they are received.
Niger ranks third in the world for uranium production, and is fourth in terms of reserves. With cumulative output to date of approximately 100,000 metric tonnes, Niger is one of the world's most important sources of uranium. Through the use of modern exploration techniques, the country offers significant potential for new discoveries given its favorable geology.
World Uranium Business
Fueling nuclear power plants to generate electricity is the most significant commercial use for uranium. Currently, uranium provides 16% of the world's electricity via 440 nuclear reactors operating in 31 countries. Annual uranium demand is 66,000 tonnes, with mining fulfilling only 55% of that need. An additional 30% comes from stockpiles, which are not being replenished due to current production shortfalls, and the remaining 15% is salvaged from recycled weapons, a non-renewable resource.
Uranium demand is expected to increase in the coming years as new reactors are built and brought online in developing nations such as China, which plans to build 27 nuclear plants, India with a planned 31 new reactors, and Russia with intentions for an additional 25 reactors. With a current worldwide production shortfall of more than 300 million pounds, demand for uranium is expected to be 11% higher than supply over the next decade.
"The expected future economics of uranium are what has drawn Northwestern's attention to these promising prospects and to continue our search for additional possibilities worldwide," said Kabir Ahmed, President and CEO of Northwestern.
http://www.northwestmineral.com