2023-11-23 06:20:00
URANIUM PRICES MAXIMUM
BLOOMBERG - Nov 21, 2023 - Uranium prices topped $80 a pound for the first time in more than fifteen years on renewed demand for nuclear power and disrupted supplies.
Nymex futures tracking physical-market contracts for a raw form of uranium known as yellowcake hit $80.25 a pound on Monday. Prices have rallied sharply this year, hitting levels not seen since Japan’s Fukushima accident caused governments across the world to cut back on nuclear power.
Following the invasion of Ukraine, things couldn’t be more different, with countries looking to nuclear power as a source of low-carbon power that can diversify their mix from intermittent renewable energy and imported fossil fuels.
Some utilities in Europe are extending the lives of their reactors to cope with the loss of piped Russian gas, while the buildout of China’s nuclear fleet is continuing at pace. The revival of demand prospects has come at a time when key producers are facing supply disruptions.
That’s spurred interest among investors who are gaining exposure through both mining shares and uranium derivatives. While spot uranium is a thinly traded market, the term price — which is more important for power plants — has also been trending higher, according to BMO Capital Markets Ltd.
“Utility contracting continues to pick up,” Colin Hamilton, managing director for commodities research at BMO, wrote in a note. “There is very little uncommitted production available to meet uncovered utility requirements.”
Key miner Cameco Corp. lowered its production targets due to challenges at its operations in Canada, while a recent coup in Niger has disrupted shipments to European nuclear plants. There’s also been uneasiness within the industry since the outbreak of the war in Ukraine about the reliance on the enrichment facilities run by Russia’s Rosatom Corp.
Higher uranium prices may eventually prompt pricier producers to restart production, according to a report by Sprott Asset Management. This month Australian miner Boss Energy Ltd. announced the restart of a project that was mothballed more than a decade ago.
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Earlier:
2023, November, 22, 06:40:00
KAZAKHSTAN'S URANIUM FOR CHINA
Kazakhstan’s National Atomic Company Kazatomprom has signed a contract for the supply of natural uranium concentrate with China National Uranium Corporation Limited (CNUC - a subsidiary of China National Nuclear Corporation).
2023, October, 27, 06:30:00
FRENCH NUCLEAR FUEL INVESTMENT $1.8 BLN
The board of directors of Orano has approved an investment of some EUR1.7 billion (USD1.8 billion) to raise the production capacity of the Georges Besse II (GB-II) uranium enrichment plant at the Tricastin site in southern France by more than 30%.
2023, October, 13, 06:45:00
GLOBAL NUCLEAR ENERGY IS A KEY
Besides climate change, amid today’s geopolitical challenges, countries increasingly recognize that nuclear energy is a key contributor to the security of energy supply.
2023, October, 6, 06:45:00
GLOBAL NUCLEAR EXTENSION
"Building on the collaboration in April in Sapporo, Japan, during the G7 Climate, Energy and Environment Ministers meeting and Business Forum, we stand ready to work together with policymakers to rebuild leadership in nuclear energy within OECD countries and to cooperate with other like-minded nations as they seek to meet their climate and energy security goals."
2023, September, 12, 08:55:00
GLOBAL NUCLEAR OPPORTUNITY
The session was the final one of the two day gathering of more than 700 people from the global nuclear sector, where the discussion has covered issues ranging from financing new nuclear, to how the industry will be able to recruit and train enough staff for the proposed expansion of nuclear energy in the years ahead.
2023, June, 9, 06:30:00
GLOBAL ENERGY CHALLENGES
As the energy transition/energy addition continues, many changes are occurring that will impact the performance of grid reliability.
2023, February, 15, 13:45:00
GLOBAL NUCLEAR POWER RISE
Many countries including China and India have developed aggressive nuclear development plans, as have Poland, the Czech Republic, the UK, the Netherlands, and even Ukraine to a lesser extent.
