There will likely be a further recovery of uranium prices in 2023 as nuclear energy regains popularity, was the sentiment among uranium specialists who spoke on Monday at the Vancouver Resource Investment Conference (VRIC).
With several of the world’s most developed countries announcing plans to extend the life of their existing nuclear power plants and some expanding their fleets, there was an optimistic buzz at VRIC.
Amid the energy crisis accelerated by the Russian-Ukraine war, countries like Japan, France, South Korea, India, the UK, the US, and Germany recently announced new constructions and additional incentives and funding for nuclear power.
“I think the principal factor is the change of public opinion in Japan. With regards to the pace of Japanese restarts, the biggest source of new demand that you could have on the planet is from their 40 existing reactors,” said Rick Rule, CEO of Sprott US Holdings.
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