ABSTRACT
The commercial uranium market did not become properly established until the late 1960s. Production of uranium was initiated on a significant scale in the late 1940s in response to the urgent military requirements that developed at that time. Through the late 1940s intensive discussions were taking place among the allied powers' governments about the establishment of an arsenal of nuclear weapons. Broad agreements were reached in 1948, with the formation of the Combined Development Agency, set up jointly by the US and UK governments to assure adequate uranium supplies. The US government dominated the efforts to expand uranium production. The positive and strong producer response enabled the authorities in the US and UK to satisfy their requirements of uranium for the nuclear weapons programmes in a relatively short time. Reduction of prices was of very limited help in increasing demand, however. Alternative uses for uranium, at a sufficient scale to keep industry busy, simply did not exist at that time.
