Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5977
    +0.0002 (+0.03%)
     
  • NZD/EUR

    0.5535
    +0.0002 (+0.04%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,342.72
    +174.65 (+0.43%)
     
  • NZD/JPY

    90.3750
    -0.0180 (-0.02%)
     

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."

ADVERTISEMENT

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