Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Mining

CHART: Uranium’s third bull market since 1968 has further to run

admin by admin
January 19, 2023
in Mining


December saw Japan adopting a nuclear policy which will restart the country’s nuclear fleet, extend ageing reactors operating life beyond the current 60-year limit and build new ones. 

Also in December, the Indian government approved five new nuclear plants and announced financing for ten as part of the country’s goal to triple its reactor fleet over the next decade. 

The US strategic uranium reserve also awarded its first contracts and while the volumes are not material, the prices paid by the US for the uranium were as high as $70 per pound: 

“Given that current spot prices are approximately $50, we believe that this excess price paid for U.S.-origin material reflects the growing concerns by the U.S. Department of Energy about continuing to rely on Russian and other non-friendly countries for critical supply chains.”

Even though there are no official sanctions on Russian uranium, the country’s  dominance of conversion and enrichment with 27% and 39% respectively of the globe’s capacity saw prices for uranium conversion and enrichment services more than double in 2022.  

“We believe this upward price pressure will cascade down to the uranium spot price in 2023,” says Sprott.

Sprott, which runs a physical uranium trust (TSX:U.UN/U.U) holding just shy of 60 million pounds at the end of last year, expects the restart of the US conversion facility ConverDyn in the first half of to boost “an industry shift from underfeeding to overfeeding which should significantly increase uranium demand in 2023 and beyond.”

Sprott points out that even after the runup, the current uranium price “still remains below incentive levels to restart tier 2 production, let alone greenfield development.”

“Over the long term, increased demand in the face of an uncertain uranium supply may likely support a sustained bull market.”

Click on the chart for full size image PDF





Source link

Previous Post

Thesis Gold drilling expands Bonanza-Ridge footprint in B.C.

Next Post

Atlas Lithium signs lithium concentrate MOU with Japan’s Mitsui

Next Post

Atlas Lithium signs lithium concentrate MOU with Japan’s Mitsui

Recommended

Panama Accuses First Quantum of Deceiving Investors

3 weeks ago

Lithium Americas to separate North American and Argentine business

3 months ago

Iamgold secures $340m from Sumitomo for Canadian gold project

1 month ago

Vancouver miners look to lithium rush in South America, Nevada

3 days ago

Tianqi Lithium makes $94m takeover bid for Essential Metals

3 weeks ago

Mining magnate Palmer offloads Yabulu nickel refinery for $1.3bn

1 month ago

© 2022 Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.