To this end, INB has launched the Uranium Prospecting and Mining Partnership Programme, seeking to work in partnership with companies in the mining sector. It said new research will be carried out in areas known for their "great mineral potential for this valuable substance".
INB President Adauto Seixas said: "This new round of research comes at an important time for the country, since national production is still lower than the domestic consumption of the Angra I and II nuclear plants, and taking into account the increase in demand with the completion of Angra III."
INB noted that the price of uranium has more than tripled in recent years, "bringing an avenue of opportunities for growth in the sector in the form of exporting concentrated uranium, and also with the possibility of offering nuclear fuel to the international market, adding value to the local production chain".
The company added: "According to a study conducted 40 years ago, Brazil had the eighth largest reserve in the world. However, considering that the second largest reserve is in Kazakhstan, which is the same size as the state of Rio de Janeiro, it is possible that the country could eventually take second place."
According to World Nuclear Association, exploration in the 1970s and 1980s showed that Brazil has reasonably assured resources of 210,000 tonnes of uranium. However, there has been little investment in exploration since the mid-1980s.
The country's three main deposits are: Pocos de Caldas in Minas Gerais state, where a uranium mine closed in 1997; Lagoa Real or Caetité in Bahia state, which has been operating since 1999; and Itataia, now called Santa Quitéria, in Ceará state, where the production of uranium as a co-product with phosphate is planned.
Uranium has been mined in Brazil since 1982, but the only operating mine is INB's Lagoa Real/Caetité mine, with a capacity of 340 tU per year. The mine has known resources of 10,000 tU at 0.3%U.
INB commenced developing the adjacent Engenho mine in January 2017, a 200-300 tU per year open pit operation. Production was initially planned from October 2017, but did not commence.
In January 2020, the country's energy minister reported that investment in INB would allow it to produce 150 tU annually from Caetité, starting in 2020, and expanding to 360 tU per year by 2023. The Santa Quitéria Consortium - a partnership between INB and privately owned fertiliser producer Galvani - expects to produce 2,300 tons of uranium concentrate annually from the Itataia deposit.
In 2022, Brazil produced 43 tU. All mined uranium is used domestically, after conversion and most enrichment abroad. The country's uranium requirements are currently about 339 tU per year.
In December 2022, INB signed a contract with Russia's Rosatom for the supply of 330 tU in the form of natural UF6 for the Angra nuclear power plant from 2023 to 2027. In May 2023, three contracts were signed with Westinghouse to cover the supply of advanced fuel assemblies for Angra 1 reloads.
