According to a report published by the Chinese state-owned China National Nuclear Corp., Chinese scientists created a technology that allows reuse of spent nuclear fuel.
— "Proven reserves of uranium in China could last only 50-70 years, but now they will last for 3000 years", — said the agency France-Presse, with reference to the statement by China National Nuclear Corp. As the representatives of the company, the technology has been tested in a nuclear reactor number 404 in the Gobi Desert. Research in the field of recycling of spent nuclear fuel are actively carried out in Great Britain, France and Russia.
China currently produces about 750 tons of uranium a year, but the need of the economy could rise to 20,000 tons by 2020, as the system will be introduced in the new nuclear reactors. The Chinese government plans to bring the 2020 share of electricity produced from alternative sources to 15 percent in order to reduce the economy's dependence on coal, which accounts for electricity is now about 70 percent. At present, China ranks first in the world in its consumption, but as InterRight reported earlier, China's own reserves would last only 30 years.
China is also investing heavily in exploration and production of energy and mineral resources outside the country. In late December, Chinese fuel giant China Petrochemical Corp. announced its intention to acquire the assets of the Argentine oil and gas company Occidental Petroleum for 2.45 billion dollars.