(Quotes are in color.)

http://www.worldenergy.org/wec-geis/publications/reports/ser/overview.asp


It is expected that Uranium will remain in ample supply over the next decade despite an 8% decline between 1 January 1997 and 1 January 1999 in known world uranium resources (recoverable at US$ 130/kgU or less). From 1991 through 1999 over 40% of the total world uranium requirements were met from non-mine supplies, more than half of which came from the Russian Federation's stockpiles. Another important supply source has been from dismantled nuclear weaponry. Additionally, the re-enrichment of tails from the enrichment of uranium, the use of mixed oxide (MOX) fuel and the reprocessing of uranium have all supplemented the supply.

What that means, sports fans, is that we are using 4% of known reserves per year. How long can that continue, considering that new reserves have been sought but not found during the past two decades.

http://www.uex-corporation.com/s/UraniumMarket.asp

Look at the graph from this last link and read it carefully. Clearly, uranium usage is approaching 60,000 tonnes per year. You can easily see that production is DECLINING while usage is accelerating. This cannot go on for long.

Since 1984, reactor requirements have exceeded mine production. The hatched areas record the primary mine production from each country, with the vertical thickness of each country's hatched area corresponding its quantity of production. U. S. production has diminished from 7, 000 - 14, 000 tonnes U between 1958 and 1982, to less than 1,900 tonnes today, while Canadian production has increased from less than 4,000 tonnes between 1965 and 1975 to 8, 000 - 12,000 tonnes today.

Now, look at the table in the middle of this page and see how much uranium is known to exist. Consider that uranium has been HEAVILY sought after during the cold war, and yet reserves are declining rapidly.

http://www.eia.doe.gov/oiaf/ieo/pdf/tbl14.pdf
Now look at the projected demand for electricity.

The table clearly shows reserves at 4,416,000 tonnes. For those of you who can do arithmetic, try this one. Assume that nuclear electricity becomes the World's method of choice. Clearly, since (a) electric power consumption is increasing and will double in the next few decades, and (b) nuclear power is only about 16 percent (see: http://www.uic.com.au/ne.htm) of the worlds total, the annual need for nuclear fuel will be approximately 2 * 100 / 16 * 60,000 = 750,000 tonnes annually. Now, how long would current (declining) reserves hold out at that consumption rate: 4,416,000 / 750,000 = 6.8 years.

In plain English, we have LESS than one decade's worth of uranium left. Well, you say, uranium prices will go up. Indeed they will. Being depleted at a rate faster than petroleum the prices will skyrocket. Since fuel costs are about 1/3 of operating costs today, they can easily become dominant and prohibitive with a tenfold price increase.
In short, anybody who plans long-term on nuclear power is placing a bet on a dying horse.