Australia will have a key place in meeting a potential global shortfall in the supply of uranium, which is emerging as a worldwide energy solution, according to an Adelaide-based uranium miner.

Toro Energy Limited (ASX:TOE) (PINK:TOEYF) said the country's role will involve both expanding existing mines and discovering and developing new ones - provided the price is right.

Managing director Greg Hall, who addressed the World Nuclear Association in London overnight said that while $US3 billion ($A3.2 billion) had been spent globally on uranium exploration since 2003, new discoveries had been limited.

"There have been some new, globally significant discoveries and there will be a few more, somewhere we believe in the order of five new globally significant uranium discoveries are likely between 2003 and 2020."

"However, it will be on average between eight to 15 years before any of these opportunities move from discovery to stable production."

According to Mr Hall, current long-term pricing regimes backed the growth of existing uranium mines and regions, but not necessarily the establishment of brand new mines using historical resources.

"With expansion of uranium production occurring rapidly in countries such as Kazakhstan, Australia may miss global opportunities to contribute to this new production need unless it continues to bring new projects through the approval and feasibility process," he said.

With high prices Australia could be producing 7000 tonnes of additional uranium oxide by 2015, rising to an additional 14,000 tonnes by 2022, Mr Hall said.