Rising demand and shortages cause uranium price to erupt
Uranium production has fallen dramatically. At the same time, a growing number of nuclear power plants need the raw material.
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This is due to mine closures (McArthur River mine), production cuts (Kazatomprom) and temporary closures due to the COVID 19 crisis. Almost 34 US dollars currently have to be paid for a pound of uranium. About two months ago it was only 24 US dollars.
The list of uranium companies is relatively short. Most uranium comes from Kazakhstan, followed by Canada and Australia. The largest uranium producer is the Cigar Lake mine in Saskatchewan. It has the highest uranium content and has been producing since May 2015.
Saskatchewan is also home to the IsoEnergy uranium projects. In the Athabasca Basin, which is famous for its uranium deposits, IsoEnergy can call about 109,000 hectares its own: https://www.commodity-tv.com/play/newsflash-with-goldmining-rnc-minerals-isoenergy-and-gold-terra-resources/. The company holds strategically located and potential assets in the eastern Athabasca Basin, including Larocque East, Geiger, Thorburn Lake and Radio and Evergreen.
Another very large uranium mine is the Olympic Dam Mine in Australia, which has been producing uranium as well as gold, silver and copper since 1988. The Husab uranium mine in Namibia is also one of the largest. Then there is the Inkai uranium mine in Kazakhstan, operated by Cameco and Kazatomprom.
The Rossing uranium mine, which is also located in Namibia and has been in operation since 1976, is also well known. Other major mines in Kazakhstan are the Budenovskoye 2 and Tortkuduk uranium properties.
Another reason for the increase in the price of uranium is the USA's declared goal of producing more uranium at home. This should be particularly beneficial for Uranium Energy: https://www.commodity-tv.com/play/uranium-energy-best-position-for-restart-of-us-uranium-production/. This is because the company has advanced projects, some of which have already been approved, as well as a processing plant in America (Texas, Arizona, Wyoming, New Mexico, Paraguay).
Current company information and press releases from IsoEnergy ( https://www.resource-capital.ch/en/companies/iso-energy-ltd/) and Uranium Energy ( https://www.resource-capital.ch/en/companies/uranium-energy-corp/).
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