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"Russia already has 40,000 nukes, they're not a proliferation risk."

That's true.

In response to your mining argument:

"The known uranium resources represent a higher level of assured resources than is normal for most minerals. Further exploration and higher prices will certainly, on the basis of present geological knowledge, yield further resources as present ones are used up. There was very little uranium exploration between 1985 and 2005, so the significant increase in exploration effort that we are now seeing could readily double the known economic resources. On the basis of analogies with other metal minerals, a doubling of price from price levels in 2007 could be expected to create about a tenfold increase in measured resources, over time."

So there's enough cheap enough utanium to go around and no need for the industry to recycle spent fuel.