November 22, 2011

We have reduced our estimates for global nuclear reactor capacity and uranium demand throughout our forecast profile through 2020. Yet we still see a favorable medium- to long-term outlook for nuclear power, so the uranium market appears to be on a long but potentially appealing road to recovery.


The Great Rethink: A Dramatic Alteration in the Outlook for Global Nuclear Power... ...............................3
...and the Uranium Market.................................................................................................................... 4
Risks to Our Outlook.............................................................................................................................5
Regional Nuclear Power Outlook............................................................................................................6
Japan: Still Exploring Nuclear Power Alternatives, but the Solution Remains Unclear..................................7
China: Temporary Slowdown in Nuclear Growth;Resumption of Approvals Is Inevitable ...........................9
South Korea: High Dependency on Nuclear Power;Government Is Committed to Expand Further.............13
India: Lack of Fuel and Technology Has Held Up Capacity Growth – Until Now..........................................17
Other Countries......................................................................................................................................18
The Global Uranium Market: Demand… .....................................................................................................20
…and Supply............................................................................................................................................20
Uranium Market Outlook...........................................................................................................................25
Appendix 1: The Uranium Industry 101 ........................................................................................................ 31
Appendix 2: Uranium Producer Profiles ......................................................................................................... 33