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Uranium’s spot price doesn’t adequately reflect demand from nuclear power plants, Sprott says. Credit: Adobe Stock photo by pwmotion
The United States and other Western nations such as Canada, Australia and Namibia are restarting or ramping up production of uranium oxide. Yet, it’s nowhere near enough to meet just the 50 million lb. a year needed to power US nuclear power plants. Output from global leader Kazakhstan has been hampered by sulphuric acid shortages. The West is attempting to limit uranium supplies from pariah Russia, which controls some 40% of the world’s capacity to enrich uranium into fuel.
He said the price fell this year over uncertainty about the US Congress passing an import ban in August against Russian enriched uranium. However, it doesn’t take effect until 2028 and some utilities may wait to see if Russia-friendly Trump cuts a deal with President Vladimir Putin to lift the sanctions.
“The US Department of Energy wants to force users in the US to shift to domestic sources, given this capacity that’s being built is very, very expensive,” Ciampaglia said. “They want that capacity to be filled through long-term contracts with the new capacity being scaled.”Uranium demand has more catalysts to rise as energy-hungry artificial intelligence spreads among tech giants Alphabet, the parent of Google, Amazon, Oracle and Microsoft.
Even so, the projects are years if not a decade away from producing. Also, the Canadian government has launched a national security review of Paladin Energy’s proposed C$1.1 billion takeover of Saskatchewan uranium developer Fission Uranium .
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