Uranium leapt to $US65.50 a pound, a new high since the Fukushima nuclear disaster in Japan cruelled the sector in 2011.
The price of uranium surged to its highest price in 12 years amid fears of a supply crunch instigated by a coup in Niger, and Canadian miner Cameco’s decision to curtail production, just as demand for the commodity is poised to increase.
The spot price was further propelled by a bullish report from the World Nuclear Association forecasting global uranium demand would double from 65,650 tonnes in 2023 to 130,000 tonnes by 2040.This comes as North American and European atomic energy companies are putting further pressure on available ore, looking to ink long-term uranium contracts outside of Russia, which is still a major provider of ore and enriched uranium to the US.
The Betashares Global Uranium exchange traded fund, which holds a basket of uranium-exposed equities, is up more than 45 per cent since the start of the year.
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