November 22, 2011

      We have reduced our estimates for global nuclear reactor capacity and uranium demand throughout our forecast profile through 2020. Yet we still see a favorable medium- to long-term outlook for nuclear power, so the uranium market appears to be on a long but potentially appealing road to recovery.


The Great Rethink: A Dramatic Alteration in the Outlook for Global Nuclear Power...   ...............................  3
...and the Uranium Market  ....................................................................................................................   4
Risks to Our Outlook  .............................................................................................................................  5
Regional Nuclear Power Outlook  ............................................................................................................  6
Japan: Still Exploring Nuclear Power Alternatives, but the Solution Remains Unclear..................................  7
China: Temporary Slowdown in Nuclear Growth;  Resumption of Approvals Is Inevitable ...........................  9
South Korea: High Dependency on Nuclear Power;  Government Is Committed to Expand Further  .............  13
India: Lack of Fuel and Technology Has Held Up Capacity Growth – Until Now  ..........................................  17
Other Countries  ......................................................................................................................................  18
The Global Uranium Market: Demand… .....................................................................................................  20
…and Supply  ............................................................................................................................................  20
Uranium Market Outlook  ...........................................................................................................................  25
Appendix 1: The Uranium Industry 101 ........................................................................................................ 31
Appendix 2: Uranium Producer Profiles ......................................................................................................... 33