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Uranium Mining Market in North America to 2020 - Higher Production Driven by New Projects, Improved Mining Methods and Price Increases by GBIResearch

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The report provides key information and analysis of the North America uranium mining industry, comprising Canada and the United States. The report covers the industry’s drivers and restraints, production and reserves. This report discusses uranium mine production and available reserves across North America as well as the commissioning of several planned uranium assets and the exploration and development activity initiated within the geographical territory of North America. This report is based on data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.

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									Uranium Mining Market in North America to 2020
Higher Production Driven by New Projects, Improved Mining Methods and
Price Increases
GBI Research Report Guidance




                                              GBI Research Report Guidance
                                              ·     Chapter two provides an introduction to the report.
                                              ·     Chapter three provides an overview of North America uranium mining industry.
                                              ·     Chapter four contains the key growth factors and restraints affecting North America uranium mining
                                                    industry.
                                              ·     Chapter five provides an overview of North America uranium mining industry, with detailed
                                                    information about production and reserves.
                                              ·     Chapter six provides an overview of Canada uranium mining industry, the key growth factors and
                                                    restraints affecting the industry, detailed information about production and reserves. This section also
                                                    includes the Canada uranium mining industry, with a section dedicated to mining business licenses,
                                                    rights and obligation of the mining companies and lastly the fiscal terms defined in detail.
                                              ·     Chapter seven provides an overview of the US uranium mining industry, the key growth factors and
                                                    restraints affecting the industry, detailed information about production and reserves. This section also
                                                    includes the US uranium mining industry, with a section dedicated to mining business licenses, rights
                                                    and obligation of the mining companies and lastly the fiscal terms defined in detail.
                                              ·     Chapter eight provides detailed information of the top active projects and the future planned projects
                                                    in North America.
                                              ·     Chapter nine provides detailed information of the top uranium producing companies in North America
                                                    uranium mining industry. The section consists of the top producers of uranium with their detailed
                                                    reports.




  © GBI Research. This is a licensed product and is not to be photocopied                                                  GBIMM0014MR / Published JUN 2012
                                                                                                                                                     Page 2
Executive Summary




       The North American's
                                              Executive Summary
       uranium mine production                The North American region, comprising the uranium producing nations of Canada and the US is one of the
       represented around 17% of              major uranium producing regions in the world. The region’s uranium mine production stood at an estimated
       global uranium mine                    10,561.4 tons of uranium (tU), representing around 17% of global uranium mine production in 2011. During
       production in 2011.                    the forecast period 2012-2020, North America’s uranium mine production is estimated to grow at a CAGR of
                                              6.8% to 18,236 tU in 2020.
                                              The projected growth in production reflects the expected increase in uranium mine production from the
                                              development of new planned mines and on-going expansion and exploration activity in the operating mines
                                              within the geographical territories of Canada and the US.

                                                Uranium Mining Industry, North America, Uranium Mine Production (tU), 2000-2020


                                                                                     20,000

                                                                                     18,000

                                                                                     16,000
                                                      Uranium Mine Production (tU)




                                                                                     14,000

                                                                                     12,000

                                                                                     10,000

                                                                                      8,000

                                                                                      6,000

                                                                                      4,000

                                                                                      2,000

                                                                                         0
                                                                                              2000   2005         2010   2015          2020


                                                Source: GBI Research, World Nuclear Association (WNA), Company reports




  © GBI Research. This is a licensed product and is not to be photocopied                                                  GBIMM0014MR / Published JUN 2012
                                                                                                                                                     Page 3
Table of Contents




                                              1         Table of Contents
                                              1   Table of Contents ........................................................................................................................................ 4
                                                  1.1      List of Tables .................................................................................................................................... 6
                                                  1.2      List of Figures................................................................................................................................... 7
                                              2   Introduction ................................................................................................................................................ 8
                                              3   North America, Uranium Mining Industry................................................................................................... 9
                                              4   North America, Uranium Mining Industry - Drivers and Restraints .......................................................... 10
                                                  4.1      North America, Uranium Mining Industry - Drivers....................................................................... 10
                                                      4.1.1      New Projects Development to Boost Regional Uranium Production ..................................... 10
                                                      4.1.2      Substantial Reserves and Exploration Potential .................................................................... 10
                                                      4.1.3      Expected Increase in Uranium Prices ..................................................................................... 10
                                                  4.2      North America, Uranium Mining Industry - Restraints .................................................................. 10
                                                      4.2.1      Input Cost Sensitivity ............................................................................................................. 10
                                                      4.2.2      Occupational Risk .................................................................................................................. 10
                                              5   North America, Uranium Mining Industry - Production and Reserves ...................................................... 11
                                                  5.1      North America, Uranium Mining Industry - Uranium Mine Production ........................................ 11
                                                      5.1.1      North America Uranium Mining Industry - North America Production vs. Rest of the World 13
                                                      5.1.2      North America Uranium Mining Industry - Uranium Mine Production by Country ............... 14
                                                  5.2      North America Uranium Mining Industry - Uranium Reserves ...................................................... 15
                                                      5.2.1      North America Uranium Mining Industry - North America Reserves vs. Rest of the World ... 16
                                                      5.2.2      North America Uranium Mining Industry - Uranium Reserves by Country ............................ 17
                                              6   Canada Uranium Mining Industry ............................................................................................................. 18
                                                  6.1      Canada Uranium Mining Industry - Drivers and Restraints ........................................................... 18
                                                      6.1.1      Canada Uranium Mining Industry - Drivers ........................................................................... 18
                                                      6.1.2      Canada Uranium Mining Industry - Restraints ...................................................................... 19
                                                  6.2      Canada Uranium Mining Industry - Production and Reserves ....................................................... 20
                                                      6.2.1      Canada Uranium Mining Industry - Uranium Mine Production ............................................. 20
                                                      6.2.2      Canada Uranium Mining Industry - Uranium Reserves ......................................................... 23
                                                  6.3      Canada Uranium Mining Industry - Fiscal Regime ......................................................................... 25
                                                      6.3.1      Canada, Governing Bodies .................................................................................................... 25
                                                      6.3.2      Canada, Governing Laws ....................................................................................................... 25
                                                      6.3.3      Canada, Mining Permits and Licensing Methods .................................................................. 25
                                                      6.3.4      Canada, Mining Rights and Obligations ................................................................................ 26
                                                      6.3.5      Canada, Key Fiscal Terms ...................................................................................................... 26
                                              7   United States Uranium Mining Industry.................................................................................................... 28
                                                  7.1      United States Uranium Mining Industry - Drivers and Restraints.................................................. 28
                                                      7.1.1      United States Uranium Mining Industry - Drivers.................................................................. 28
                                                      7.1.2      United States Uranium Mining Industry - Restraints ............................................................. 28
                                                  7.2      United States Uranium Mining Industry - Production and Reserves ............................................. 29
                                                      7.2.1      United States Uranium Mining Industry - Uranium Mine Production ................................... 29
                                                      7.2.2      United States Uranium Mining Industry - Uranium Reserves ................................................ 32
                                                  7.3      United States Uranium Mining Industry - Fiscal Regime ............................................................... 34
                                                      7.3.1      United States, Governing Bodies ........................................................................................... 34
                                                      7.3.2      United States, Governing Laws.............................................................................................. 34
                                                      7.3.3      United States, Mining Licenses and Permit ........................................................................... 35
                                                      7.3.4      United States, Mining Rights and obligations ....................................................................... 36
                                                      7.3.5      United States, Key Fiscal Terms ............................................................................................. 36
                                              8   North America Uranium Mining Industry - Top Active and Planned Projects ........................................... 41
                                                  8.1      North America Uranium Mining Industry - Top Active Projects .................................................... 41
                                                  8.2      North America Uranium Mining Industry - Mine Profile ............................................................... 42
                                                      8.2.1      McArthur River Mine ............................................................................................................. 42


  © GBI Research. This is a licensed product and is not to be photocopied                                                                                       GBIMM0014MR / Published JUN 2012
                                                                                                                                                                                          Page 4
Table of Contents




                                                     8.2.2     Rabbit Lake Mine................................................................................................................... 44
                                                     8.2.3     Smith Ranch-Highland Mine .................................................................................................. 46
                                                     8.2.4     Crow Butte Mine ................................................................................................................... 47
                                                 8.3      North America Uranium Mining Industry - Planned Projects ........................................................ 48
                                              9 North America Uranium Mining, Top Uranium Producing Companies ..................................................... 49
                                                 9.1      Cameco Corporation (Cameco) ..................................................................................................... 49
                                                     9.1.1     Cameco Corporation (Cameco), Overview ............................................................................. 49
                                                     9.1.2     Cameco Corporation (Cameco), Business Description ........................................................... 49
                                                     9.1.3     Cameco Corporation (Cameco), Uranium Projects ................................................................ 50
                                                 9.2      Canada Uranium Mining Industry - Key Companies, AREVA Resources Canada Inc. (AREVA
                                                          Resources) ..................................................................................................................................... 51
                                                     9.2.1     Areva Resources Canada Inc (AREVA Resources), Overview.................................................. 51
                                                     9.2.2     Areva Resources Canada Inc (AREVA Resources), Uranium Projects ..................................... 51
                                                 9.3      Denison Mines Corp. (Denison) ..................................................................................................... 52
                                                     9.3.1     Denison Mines Corp (Denison), Overview.............................................................................. 52
                                                     9.3.2     Denison Mines Corp (Denison), Business Description ............................................................ 52
                                                     9.3.3     Denison Mines Corp (Denison), Uranium Projects ................................................................. 53
                                              10 Appendix ................................................................................................................................................... 54
                                                 10.1 Abbreviations ................................................................................................................................ 54
                                                 10.2 About GBI Research ....................................................................................................................... 54
                                                 10.3 Methodology ................................................................................................................................. 55
                                                     10.3.1 Coverage ............................................................................................................................... 55
                                                     10.3.2 Secondary Research .............................................................................................................. 55
                                                     10.3.3 Primary Research .................................................................................................................. 55
                                                     10.3.4 Expert Panel Validation ......................................................................................................... 55
                                                 10.4 Contact Us ..................................................................................................................................... 56
                                                 10.5 Disclaimer ...................................................................................................................................... 56




  © GBI Research. This is a licensed product and is not to be photocopied                                                                                       GBIMM0014MR / Published JUN 2012
                                                                                                                                                                                          Page 5
Table of Contents




                                              1.1      List of Tables
                                              Table 1:     Uranium Mining Industry, North America, Uranium Mine Production (tU), 2000-2020 .............. 12
                                              Table 2:     Uranium Mining Industry, North America, Uranium Reserves (tU), 2000-2010 ........................... 15
                                              Table 3:     Uranium Mining Industry, Canada, Uranium Mine Production (tU), 2000-2020 .......................... 21
                                              Table 4:     Uranium Mining Industry, Canada, Uranium Reserves (tU), 2000-2010 ...................................... 23
                                              Table 5:     Uranium Mining Industry, Canada, Licensing Fees ($), 2011 ........................................................ 26
                                              Table 6:     Uranium Mining Industry, Canada, Depreciation Rates (%), 2011 ............................................... 27
                                              Table 7:     Uranium Mining Industry, United States, Uranium Mine Production (tU), 2000-2020 ................ 30
                                              Table 8:     Uranium Mining Industry, United States, Uranium Reserves (tU), 2000-2010............................. 32
                                              Table 9:     Uranium Mining Industry, United States, Federal Income Tax Rates, 2011 ................................. 37
                                              Table 10:    Uranium Mining Industry, United States, State Corporate Income Tax Rates (%), 2010.............. 37
                                              Table 11:    Uranium Mining Industry, United States, New Mexico, State Corporate Income Tax Rates (%),
                                                           2011.............................................................................................................................................. 38
                                              Table 12:    Uranium Mining Industry, United States, Depreciation (%), 2011 ............................................... 40
                                              Table 13:    Uranium Mining Industry, North America, Top Active Projects ................................................... 41
                                              Table 14:    Uranium Mining Industry, North America, McArthur River Mine, Historic and Forecast
                                                           Production (tU), 2000-2020 .......................................................................................................... 43
                                              Table 15:    Uranium Mining Industry, North America, Rabbit Lake Mine, Historic and Forecast Production
                                                           (tU), 2000-2020 ............................................................................................................................ 45
                                              Table 16:    Uranium Mining Industry, North America, Smith Ranch-Highland Mine, Historic Production (tU),
                                                           2000-2010 .................................................................................................................................... 46
                                              Table 17:    Uranium Mining Industry, North America, Crow Butte Mine, Historic Production (tU), 2000-2010
                                                           ...................................................................................................................................................... 47
                                              Table 18:    Uranium Mining Industry, North America, Planned Projects ....................................................... 48
                                              Table 19:    Uranium Mining Industry, North America, Cameco Corporation, Major Uranium Projects ......... 50
                                              Table 20:    Uranium Mining Industry, North America, Areva Resources Canada Inc, Major Uranium Projects
                                                           ...................................................................................................................................................... 51
                                              Table 21:    Uranium Mining Industry, North America, Denison Mines Corp, Major Uranium Projects ......... 53




  © GBI Research. This is a licensed product and is not to be photocopied                                                                                        GBIMM0014MR / Published JUN 2012
                                                                                                                                                                                           Page 6
Table of Contents




                                              1.2      List of Figures
                                              Figure 1:    Uranium Mining Industry, North America, Uranium Mine Production (tU), 2000-2020 .............. 11
                                              Figure 2:    Uranium Mining Industry, North America, North America Production vs. Rest of the World (%),
                                                           2011.............................................................................................................................................. 13
                                              Figure 3:    Uranium Mining Industry, North America, Uranium Mine Production by Country (tU), 2000 -
                                                           2020.............................................................................................................................................. 14
                                              Figure 4:    Uranium Mining Industry, North America, Uranium Reserves (tU), 2000-2010 ........................... 15
                                              Figure 5:    Uranium Mining Industry, North America, North America Reserves vs. Rest of the World (%),
                                                           2010.............................................................................................................................................. 16
                                              Figure 6:    Uranium Mining Industry, North America, Uranium Reserves by Country, 2000 - 2010.............. 17
                                              Figure 7:    Uranium Mining Industry, Canada, Uranium Mine Production (tU), 2000-2020 .......................... 20
                                              Figure 8:    Uranium Mining Industry, Canada, Canada Production vs. North America Production (%), 201122
                                              Figure 9:    Uranium Mining Industry, Canada, Uranium Reserves (tU), 2000-2010 ...................................... 23
                                              Figure 10:   Uranium Mining Industry, Canada, Canada Reserves vs. North America Reserves (%), 2010 ...... 24
                                              Figure 11:   Uranium Mining Industry, United States, Uranium Mine Production (tU), 2000-2020 ................ 29
                                              Figure 12:   Uranium Mining Industry, United States, United States Production vs. North America
                                                           Production (%), 2011 .................................................................................................................... 31
                                              Figure 13:   Uranium Mining Industry, United States, Uranium Reserves (tU), 2000-2010............................. 32
                                              Figure 14:   Uranium Mining Industry, United States, United States Reserves vs. North America Reserves (%),
                                                           2010.............................................................................................................................................. 33
                                              Figure 15:   Uranium Mining Industry, North America, McArthur River Mine, Historic and Forecast
                                                           Production (tU), 2000-2020 .......................................................................................................... 42
                                              Figure 16:   Uranium Mining Industry, North America, Rabbit Lake Mine, Historic and Forecast Production
                                                           (tU), 2000-2020 ............................................................................................................................ 44
                                              Figure 17:   Uranium Mining Industry, North America, Smith Ranch-Highland Mine, Historic Production (tU),
                                                           2000-2010 .................................................................................................................................... 46
                                              Figure 18:   Uranium Mining Industry, North America, Crow Butte Mine, Historic Production (tU), 2000-2010
                                                           ...................................................................................................................................................... 47




  © GBI Research. This is a licensed product and is not to be photocopied                                                                                        GBIMM0014MR / Published JUN 2012
                                                                                                                                                                                           Page 7
Introduction




                                              2        Introduction
                                              GBI Research’s new report, “Uranium Mining Market in North America to 2020 - Higher Production Driven
                                              by New Projects, Improved Mining Methods and Price Increases” provides key information and analysis of
                                              the North America uranium mining industry, comprising of Canada and the US. The report covers the
                                              industry’s drivers and restraints, production and reserves.
                                              This report is based on data and information sourced from proprietary databases, primary and secondary
                                              research and in-house analysis by GBI Research’s team of industry experts.




  © GBI Research. This is a licensed product and is not to be photocopied                                            GBIMM0014MR / Published JUN 2012
                                                                                                                                               Page 8
North America, Uranium Mining Industry




                                              3        North America, Uranium Mining Industry
                                              North American region comprising of Canada and United States produced an estimated 10,561.4 tU in 2011.
                                              Regional uranium mine production is forecast to increase by 6.8% to 18,236 tU in 2020. The rate of growth
                                              in mine production during the forecast period 2012-2020 in the US and Canada is roughly the same,
                                              estimated to grow at a CAGR of 6.7% and 7% respectively. The projected growth in uranium mine
                                              production reflects increased investment in uranium mining, of which significant expansions will be
								
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