Increased demand from nuclear reactors, predominantly those in Asian nations, will help drive uranium prices "significantly" higher, Uranium One Inc.'s (UUU.T) chief executive officer said.
Increased demand from nuclear reactors, predominantly those in Asian
nations, will help drive uranium prices "significantly" higher,
Uranium One Inc.'s (UUU.T) chief executive officer said.
"The world needs more uranium to supply all the reactors being built so
that's why we are very bullish on the uranium price," Jean Nortier told
Dow Jones Newswires late Tuesday.
"Medium- to long-term I see it significantly higher because you need
higher uranium prices to bring new mine supply online," the head of the
Canada-based producer added.
New sources of production will soon be required because the uranium market is
expected to tighten after 2013 when secondary supply from
Russia
will
end and more new nuclear reactors start to enter operation.
"The nuclear market is growing significantly from a demand-side
perspective as there's increasingly more reactors being built--predominantly
out of
China
,
India
,
South
Korea
and
Russia
. Our
strategy has been to grow our business so that we can fulfill that ever growing
need," Nortier said.
Russian state-controlled nuclear group ARMZ is attempting to boost its stake in
Uranium One to 51%, offering two of its mines in
Kazakhstan
in
return. Uranium One is currently seeking shareholder approval for the deal,
which would make it the world's fifth largest producer.
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