Uranium Outlook: Uranium revival takes off as reality hits on energy, geopolitics
The Mining Journal has issued their November 2022 Uranium Outlook report. Featured in this report are: Denison Mines, NexGen Energy, Fission Uranium, Purepoint Uranium Global Atomic Corporation, Blue Sky Uranium, Aura Energy and Aurora Energy Metals.
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Written off by developed economies after Fukushima, nuclear power is staging a revival as policymakers have come to acknowledge the role it can play in solving the world’s energy crisis
In the United States, billions of dollars in funding and incentives have been committed to existing and new nuclear plants, and a similar story is unfolding in Canada. Even more surprising has been the path taken by the countries most opposed to nuclear, such as Japan, where a government panel will look into building next generation reactors, and Germany and Belgium, which have extended the life of plants to ensure stable power supply.
The extent of the nuclear revival remains to be seen, and it typically takes around 10 years to construct a new reactor. Nevertheless, the market signals have been strong enough to send the longterm uranium price from the low $30s to the low $50s in just three years, with experts saying prices will need to go a lot higher to incentivise enough production to meet likely demand.
Against this backdrop, uranium companies around the world are announcing restarts of longsuspended operations and dusting off plans for
greenfield projects. This report contains profiles of eight companies with projects in four jurisdictions. We also take a deep dive into the factors driving the uranium market – and what needs to happen for prices to move up even further.
URANIUM OUTLOOK INTRODUCTION
“The long-term uranium price has risen from the low $30s to the low $50s in just three years, with experts saying prices will need to go a lot higher to incentivise enough production to meet likely demand.”
Nadav Shemer, Mining Journal
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