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Extract A Uranium: the unloved metal Uranium is a fuel source for nuclear energy production.The price of uranium has fallen to a 13-year low. Uranium is a relatively common metal but locating it in the right concentrations can be difcult. Australia has the biggest known resource of uranium, followed by Kazakhstan. Kazakhstan's production has increased signicantly since 2007, accounting for a large proportion of the surplus of this metal. Given the large stockpiles of uranium some rms have ceased production. The biggest impact on the uranium market has been the devastating accident at the nuclear power station in Fukushima, Japan, in 201 i.The accident caused a leak of radiation.The accident reduced condence in the entire nuclear industry, as high doses of radiation leaks increase the risk of cancer. In addition the high cost of safely storing I radioactive waste has delayed the building of new nuclear power stations. Japan initially closed all of its 50 nuclear power stations which reduced the demand for uranium. But it has since concluded that nuclear power must be part of its mix of energy suppliers. Despite this setback in 2016 work started on a new uranium mine in Spain to meet the expected rise in demand for the metal. Uranium is a controlled material, so mining companies have to comply with many regulations before opening a new mine. When it opens in 2018, this will be the only uranium mine in Europe, producing 2.2 million kilos a year. It has been in development for more than a decade. Most developed countries, with the notable exception of Germany, have concluded that nuclear power is an essential part of their energy supply. The US and UK are committed to building new nuclear power stations, the latter providing a 30 billion subsidy to build a new nuclear plant at Hinkley Point. China is also building a further 60 nuclear power stations. Supporters of nuclear power say it provides a reliable source of energy at a time when the world's population is increasing, unlike solar power and wind power which both vary with the weather. In addition they argue that no country can significantly reduce carbon emissions, which are causing climate change, without nuclear. France and the UK have committed themselves to shut down all coal-red power stations by 2025.50 demand for uranium over the next two decades seems guaranteed. (b) With reference to Extract A and your own knowledge, assess whether the supply of uranium is likely to be price elastic or price inelastic