China's uranium shortage likely to end by 2021

Beijing, Jan.18 (ANI): The state-owned China National Nuclear Corporation has predicted that uranium shortage for nuclear reprocessing technology may end by 2021.

It will take at least a decade for China to start the large-scale industrial application of spent fuel reprocessing technology, which may be the solution to the supply shortage, the CNNC said on Monday.

The remarks at the company's annual briefing added to earlier news that China's latest spent fuel reprocessing technology, developed by CNNC, will boost the usage rate of uranium sixty-fold, reports the China Daily.The technological breakthrough is a crucial step toward initial practical application, which is likely to happen within a year," said Li Tao, a spokeswoman for CNNC.

The company also announced it has set an annual revenue target of 100 billion Yuan by the end of 2015, from 41.9 billion Yuan in 2010.

CNNC, the nation's largest nuclear power developer, plans to have nuclear power projects with 16,000 megawatts (mW) capacity in operation and projects with an additional 20,000 mW capacity under construction by the end of 2015.

China's demand for uranium could rise to 20,000 tons annually by 2020, more than a third of the 50,572 tons mined globally last year, according to the World Nuclear Association.

The nation has more than 170,000 tons of known uranium resources. (ANI)