Representative image showing Uranium ore.
Credit: iStock Photo
A recent report has stated that Canada could become the 'nuclear superpower' in the upcoming years. Currently, Canada is the second largest producer of uranium.
As per a report by BBC, Athabasca Basin in Canada is said to have high-grade uranium reserves which can help the country become the major supplier in the years to come.
According to the government of Canada, the country produces 13 per cent of total output globally.
Cameco Corportation is the largest publicly traded uranium company and has been mining since 1988 in Saskatchewan. CEO of Cameco, Tim Gitzel told BBC that Canada has the possibility of becoming a "nuclear superpower around the world".
The report further stated that countries are trying to move away from fossil fuels and invest in nuclear energy.
Canada being the second largest producer of uranium, provides an alternate to those countries who are not willing to trade with Russia and China.
As per a report by Interesting Engineering, in 2023 COP28, many countries declared that they could expand nuclear energy output by 2050.
The BBC report also added that the Athabasca Basin uranium mines can provide uranium and increase the output with reopening some old mines too.
This demand in nuclear energy will need nuclear fission technology in order to generate low carbon energy. However, the technology has pros and cons. The risks can lead to incidents like Fukushima nuclear accident in Japan.
One of the other hurdles could be finance or low demand of uranium. Due to high operating costs, in 2021 New York City was decommissioned. BBC citing critics also reported about the concerns regarding 'radioactive waste nuclear reactors' that are left behind.