ABSTRACT
Nuclear power can be generated through a variety of processes. From the late 1970s and until the end of the present century, the light water reactor is expected to account for about 90 per cent of total nuclear capacity in the Western world. Future demand is therefore regularly assessed on the basis of uranium use in this type of reactor. After initial loading of the nuclear reactor, between one-third and one-quarter of the reactor fuel core is removed and replaced with new fuel elements on an annual basis. Though only part of the fissionable material has been burnt in the elements which are removed, their efficiency deteriorates due to the accumulation of waste products. The excess capacity resulting from the reduction of military requirements before a sufficient alternative demand had developed to compensate for the shortfall led to an extended period of depressed prices in the commercial uranium market.
