The uranium market ended 2022 on a sour note. Spot U3O8 price declined 2.3% to $48.31 per pound in December, but did finish the year 14.7% above its opening levels. Uranium mining equities fell 5% in December, bringing the sector’s losses for the year to 11.4%.
A new report by Sprott Asset Management says despite the recent softness, developments just in December underpin Western governments’ renewed focus on energy security due to the Russian invasion of Ukraine and will provide long-term structural support for uranium and uranium miners in 2023.
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.
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