Why uranium is hot again for miners
STORY: The global energy crisis means atomic power is back in demand, and so is the radioactive metal
Prices jumped from $28 per pound last year to $64 in April 2022
Mines produce about 130 million pounds per year, but the world needs 180 million
The price rises are largely driven by sanctions on Russia, which supplies 35% of the world’s enriched uranium
The desire to secure energy independence and limit climate change are also factors
QUOTE: Tim Gitzel, Cameco CEO
"We're seeing countries and companies turn to nuclear with an appetite that I'm not sure I've ever seen in my four decades in this business."
The Fukushima disaster of 2011 sparked a long slump in nuclear power projects
Now China aims to build 150 new reactors by 2035, with the UK and France also set to ramp up
That may create an even bigger shortfall in uranium supplies, and even higher prices