After predictions of a world shortage of uranium at the Prospectors and Developers Assosciation of Canada's annual convention (PDAC) in Toronto last week, the global mining community must suddenly be reeling.
If there were ever a sure bet, uranium was it—before the earthquake in Japan and the subsequent problems unfolding in its “earthquake proof” nuclear reactors.
On a human scale, the earthquake and its aftermath are a dreadful tragedy for the Japanese people, but the implications for world trade are now spreading around the globe like a tsunami, too.
With over 30 percent of the world's uranium reserves, Australia must be holding its breath in case governments change their minds over their nuclear energy strategies.
Meanwhile, with around 30 percent of Japan’s electricity coming from nuclear power, and 11 of its 50 nuclear plants already shut down, some Japanese factories are finding themselves without enough power to continue operations.
It’s very humbling for human beings to realize the awesome power of nature in this way. We must all pray for a safe conclusion to this crisis, not only for Japan, but for the sake of global economic stability, too.
