24 September 2024
(Ecofin Agency) – The price of uranium surpassed $100 per pound in early 2024, a record it had not reached since 2007. The surge was driven by renewed interest in nuclear power worldwide, affecting demand for uranium. Several African nations are taking notice of this trend.
The Letlhakane project could produce an average of 3 million pounds of uranium annually over its 15-year lifespan, totalling 42 million pounds. A recent scoping study revealed the mine’s potential. The mine, developed by Lotus Resources, an Australian company, could be a game-changer for Botswana.
According to the study, Letlhakane could produce between 33 million and 65 million pounds over 13 and 22 years, depending on market conditions.
Although there are still steps to complete before mining starts at Letlhakane, Lotus Resources and Botswana remain optimistic. The rise in uranium prices is expected to continue due to increased interest in nuclear energy. At COP28 in December 2023, some 20 developed nations agreed to triple the world’s nuclear power capacity by 2050.
Namibia, the world’s third-largest supplier, and Niger, the seventh, currently lead African uranium production, but Botswana, along with Mauritania and Malawi, is working to develop its uranium resources.
