en.Wedoany.com Reported - With the global nuclear renaissance and the gradual commissioning of new reactors, Brazil's uranium surplus export plan is entering a strategic window of opportunity. Driven by Brazil's Nuclear and Bilateral Energy Participation Company (ENBPar) and the Brazilian Nuclear Industries (INB), the plan aims to capitalize on the favorable timing of the recovery in international uranium concentrate prices starting from 2030.
According to the law, surplus uranium ore can be exported as long as a strategic reserve is established. Former Minister of Mines and Energy Bento Albuquerque stated that exports must be conducted with INB acting as the intervening party. Former President of Eletronuclear, Leonam Guimarães, pointed out that the enactment of Law No. 14,514 in 2022 removed legal obstacles for private participation in INB's exploration projects, making uranium exports a long-term strategy.
As the holding company of INB, ENBPar plans to increase domestic production through partnerships with private enterprises and begin exporting surpluses from 2028. The company is collaborating with the Brazilian Development Bank (BNDES) to find markets for potential buyers, including China and Europe. Currently, the price of uranium concentrate is approximately $85 per pound, double that of five years ago, and the market expects this price to continue rising beyond 2030.
Leonam Guimarães analyzed that current global uranium production is nearly matching consumption, and the nuclear renaissance wave signals significant opportunities. However, Brazil's plan also faces challenges such as environmental licensing for new mines and investments to modernize uranium processing plants. Among these, the Santa Quitéria mine in Ceará State is considered the highest priority project. Developed in partnership with Galvani, this mine is expected to produce 2,300 tons of uranium concentrate and 1.05 million tons of phosphate fertilizers annually.
The Santa Quitéria mine is expected to obtain its environmental license in 2027 and commence production in 2031. ENBPar is working with the Ceará State government to accelerate the process, but the prior informed consent procedure for indigenous communities could cause delays. Insiders indicate that if this mine operates concurrently with the existing Caetité mine, especially without the construction of the Angra 3 nuclear power plant, Brazil's domestic uranium supply will show a surplus. Additionally, ENBPar is collaborating with BNDES to seek exploration partners in five states.
According to the National Energy Plan (PNE), Brazil's nuclear power capacity is expected to increase to 14 gigawatts (GW) by 2055. By then, INB's annual production of uranium concentrate may need to rise to between 2,800 and 3,000 tons, thereby reducing the projected export volume. However, Leonam Guimarães emphasized that Brazil's uranium reserves are vast enough to support this plan and continue exports. In terms of the supply chain, Brazil is collaborating with the Amazon Blue Defense Technology Company (Amazul) to advance the localization of uranium conversion and enrichment stages.
Currently, Brazil's milling and conversion capabilities are limited: milling ceased in Brazil approximately two years ago, and the conversion of yellowcake into uranium hexafluoride has never been achieved on an industrial scale in the country. Exports of yellowcake and conversion services rely on contracts with Internexco GmbH, a subsidiary of Russia's Rosatom. Leonam Guimarães believes that the ideal path is to export high-value-added nuclear fuel, but in the initial phase, generating revenue through concentrate exports and investing in capacity expansion along the chain is a pragmatic choice. INB stated that the company is guided by national strategy, preparing to meet the needs of Brazil's nuclear program and develop the full fuel cycle value chain.
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