Uranium sector ‘scrambling’ to fill supply gap – by Colin McClelland (Northern Miner – November 21, 2023)

https://www.northernminer.com/

The price of uranium will hit triple-digits for the first time since 2007 as nations weaning off oil and seeking energy security deplete nuclear fuel supplies, the world’s largest investment fund in the physical metal says.

The spot price for uranium should rise from US$80 per lb. this week to US$100 or more per lb. within a year to 18 months, John Ciampaglia, CEO of Sprott Asset Management, which runs the Sprott Physical Uranium Trust (TSX: U.U for $US; U.UN for $CAD), said by phone on Monday. The trust holds 62 million lb. of yellowcake uranium valued at US$4.9 billion.

Global yellowcake supply might reach 145 million lb. this year or next, Ciampaglia said, citing the World Nuclear Association. But annual demand is already at 180 million lb. and the industry group expects it to nearly double to 300 million lb. by 2040.

Some 60 nuclear plants are under construction globally and more are planned. Countries like Germany and Japan that considered phasing them out are reversing course.

For the rest of this article: https://www.northernminer.com/analysis/uranium-sector-scrambling-to-fill-supply-gap/1003861079/