Further Growth

The growth in uranium production in 2012 increased from 93.7Mlb U3O8 in 2002 to 142.0Mlb U3O8 in 2011. On the basis that world reactor requirements in 2012 were approximately 170Mlb U3O8, and by Paladin's estimates will rise to over 240Mlb U3Oby 2020, it is apparent there is still a booming uranium supply shortfall.

Much of the recent growth in uranium production is attributable to a single country, Kazakhstan, where production rose from less than 7.8Mlb U3O8 in 2002 to 54.3Mlb U3O8 in 2012, an increase of almost seven-fold. The traditional major uranium producers, Canada and Australia, struggled to maintain historical production levels, as did Namibia, despite Paladin's significant new production at Langer Heinrich.

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