Two trends are driving the price rise: the planned increase in global nuclear capacity, led by China; and Western states' efforts to reduce their dependence on Russia, which dominates the fuel supply chain. Western inventories are currently low.
More supply will come onstream very gradually; Colorado-based ConverDyn is reopening its uranium conversion facility in Illinois.
Investment interest will rise; Kazakhstan's state-backed ANU Energy will list in London.
Maryland-headquartered Centrus Energy is developing a USD150mn plant to produce a new uranium fuel for next generation nuclear reactors.
UK-based Urenco is upping the uranium enrichment capacity at its New Mexico plant by 15%, aiming to supply about one-third of US demand.
Boss Energy’s Honeymoon mine in South Australia is on schedule to deliver its first uranium before end-2023.
