Uranium prices could rally past 16-year highs as the world's largest producer runs short
Publishing timestamp: 2024-01-24 23:08:38
Summary
Kazatomprom, the world's largest miner of uranium, has warned that it is likely to fall short of production targets through 2025 due to construction delays and challenges related to the availability of sulfuric acid. This news has caused uranium prices, which are already at 16-year highs, to rally. Other major producers, such as Cameco and Orano, are also facing production issues. The demand for uranium has increased as governments shift away from carbon-emitting fuels, leading to a surge in prices. There are also concerns about the supply chain, as Russia may retaliate against proposed U.S. legislation that would ban imports of Russian enriched uranium. As a result, countries heavily reliant on nuclear power may need to diversify their supply sources. However, consumers are unlikely to feel the effects of these disruptions immediately, as most utilities have long-term contracts for fuel.
Sentiment: MIXED
Tickers: CCO-CA,
Keywords: alternative and sustainable energy, nak kazatomprom ao, united states, emmanuel macron, commodity markets, niger, cameco corp, business news, kazakhstan, environment, russia, france, joe biden,
Source: https://www.cnbc.com/2024/01/25/worlds-largest-uranium-producer-is-running-short.html