Based on a study report released yesterday, IAEA said new discoveries and re-evaluations of known conventional uranium resources would be adequate to supply nuclear energy needs for at least 100 years at present consumption level.
Growing demand and higher prices have spurred greater investment in exploration and led to larger identified conventional uranium resources over the past two years, an IAEA release said.
Currently, the international uranium prices have drastically reduced, almost by 50 per cent compared to last year. The spot price of the yellow cake (uranium) today is $59 per pound while last year it went up to $138 per pound.
Indian uranium costs over $120 per pound considering the poor quality of ore and cost of its extraction and processing.
The uranium market has demonstrated recent strength, with major new investments and expenditures for exploration increasing over 285 per cent over the two-year period from 2004-2006.