Energy Resources of Australia Ltd., the uranium producer controlled by Rio Tinto Group, said the global financial crisis created a slump in new mine development that may lead to improved prices for the nuclear fuel.
        "The supply-demand fundamentals point to the likelihood of stronger prices in the longer term," Energy Resources said today in a statement. "Despite the challenging economic climate, global demand for uranium is still expected to grow significantly in the next decade."
       Energy Resources, which sells uranium to power utilities in Asia, Europe and North America, produces about a 10th of the world's mined uranium. It said it's looking toward strong growth in demand from China, to which it began shipments in 2008.
        "Although the economic crisis has temporarily slowed plans for additional nuclear plants in the U.S. and Europe, a number of new units are still expected to begin construction and come into operation toward the end of this decade," Energy Resources said. "Fifty-five new units are currently under construction around the world, 20 of which are located in China, with over 100 more planned over the next decade."
        Energy Resources, which operates the Ranger mine in Australia's Northern Territory, plans to expand the project in the next two years that will produce an additional 15,000 to 20,000 metric tons of uranium oxide a year, it said.