It is estimated that 5.5 million tonnes of uranium exists in ore reserves that are economically viable at US$59 per lb of uranium, while 35 million tonnes are classed as mineral resources (reasonable prospects for eventual economic extraction). Prices went from about $10/lb in May 2003 to $138/lb in July 2007. This has caused a big increase in spending on exploration, with US$200 million being spent worldwide in 2005, a 54% increase on the previous year. This trend continued through 2006, when expenditure on exploration rocketed to over $774 million, an increase of over 250% compared to 2004. The OECD Nuclear Energy Agency said exploration figures for 2007 would likely match those for 2006. COUNT 5
QSN1 How much economically viable uranium is there in ore reserves, in millions of tonnes? ANS1 5.5 QSN2 How many millions of tonnes are uranium are regarded as mineral resources? ANS2 35 QSN3 What was the price of uranium per pound as of May 2003? ANS3 $10 QSN4 In 2005, how much money was spent on uranium exploration? ANS4 US$200 million QSN5 How much money was spent to explore for uranium in 2006? ANS5 $774 million