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Updates on China’s Nuclear Power Sector
Date: October 15, 2023
China continues to cement its position as a global leader in nuclear energy as the State Council has approved new nuclear projects aimed at reducing coal dependency. This decision aligns with the *Energy Development Strategy Action Plan, 2014-2020*, which set ambitious goals of achieving non-fossil primary energy provision of 15% by 2020 and 20% by 2030. Despite falling slightly short of its goal, with an operational nuclear capacity of approximately 53 GWe by 2019, the country plans to ramp up its nuclear capabilities significantly over the next decade.
Looking towards the future, China has outlined plans to increase its nuclear capacity by as much as 300 GWe by 2031. This expansion will focus on advanced reactor technologies including large pressurized water reactors, high temperature gas-cooled reactors, and fast reactors. The 13th Five-Year Plan also emphasizes the establishment of demonstration reactors to advance these innovative technologies.
Uranium Mining Developments
Date: October 15, 2023
As of the first quarter of 2024, U.S. uranium production has shown a remarkable increase, with miners producing over 82,000 pounds of uranium concentrate, surpassing the total output for all of 2023. This surge indicates a revitalized interest in uranium mining amid a global push for cleaner energy sources. Such efforts are crucial as nations transition towards nuclear power and seek to secure reliable fuel supplies.
Further underscoring this trend, the reopening of the Tony M mine in Utah on July 26, 2024, marks a significant step in revitalizing the U.S. uranium mining industry. Rehabilitation of the mine’s underground workings is currently in progress, demonstrating both confidence in future uranium demand and a response to ongoing market trends favoring nuclear energy as a viable alternative to fossil fuels.
Overall, developments in both China’s nuclear sector and the U.S. uranium mining landscape reflect a global trend towards expanding nuclear energy as a means to meet rising energy demands while addressing environmental concerns.
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