It is estimated that 5.5 million tonnes of uranium exists in ore reserves that are economically viable at US$59 per lb of uranium, while 35 million tonnes are classed as mineral resources (reasonable prospects for eventual economic extraction). Prices went from about $10/lb in May 2003 to $138/lb in July 2007. This has caused a big increase in spending on exploration, with US$200 million being spent worldwide in 2005, a 54% increase on the previous year. This trend continued through 2006, when expenditure on exploration rocketed to over $774 million, an increase of over 250% compared to 2004. The OECD Nuclear Energy Agency said exploration figures for 2007 would likely match those for 2006.
In 2005, how much money was spent on uranium exploration?
US$200 million