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EMD-79-25 1 (1979-01-22)

handle is hein.gao/gaobaayms0001 and id is 1 raw text is: 11111 4icg3q/ UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 ZMnGftY AND MINCRALA DIVISION JANUARY 22, 1979 B-1596871 1111 11 The Honorable James R. Schlesinger I 108391 The Secretary of Energy Dear Mr. Secretary: During a review of the issues surrounding the availability of uranium for the Nation's nuclear power needs, ve evaluated the Department of Energy's (DOE) uranium reserves estimation methodology. Part of this work was done under our authority to conduct verification examinations of the accuracy, reliability, and adequacy of energy informaticn provided to the Government by private caTpanies. (Title V, P.L. 94-163.) Under a program started in 1947 by the former Atonic Energy Ccmnission, uranium comanies voluntarily provide DOE with raw source data (e.g., drilling logs and maps) generated during their uranium exploration and develcpment activities. DOE uses this data to estimate uranium reserves and potential resources cn a property-by-property basis and consolidates these estimates into its overall assessment of the Nation's uranium resources. DOE presents its assessment in several resource and cost categories. Reserves is the most well defined resource category and quantities of uranium estimated to have a forward cost (i.e., production costs not yet incurred) of $30 or less a pound are currently considered to be economical to produce. We analyzed and compared estimates preparedby 8 uranium ccnanies for a sample of 26 of their properties with the reserve estimates prepared by DOE for these properties. We selected the five ccxpanies with the largest uranium reserve holdings and randomly selected three others. These 8 carpanies owned over 50 percent of the reserves in- cluded in DOE's 1977 estimate at a forward cost of $30 or less a pound. The 26 properties we selected contained about 28 percent of these reserves. Although sane individual property estimates varied considerably, in total, the DOE and ccnpany estimates for these properties varied by about 3 percent. ED-79-25 (30509) 0 b3269\ -4\ i

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