Uranium One (UUU.T) CEO Jean Nortier predicts a "major supply
crunch coming" for uranium, as
China
's
construction of 16 new reactors means they're likely to "buy every single
pound of fuel they can get to fuel that fleet." Uranium spot prices have
been rising since June from near $40/lb to near $60/lb.
North American
utilities haven't reacted to increased Chinese buying yet, Nortier says.
"I haven't seen a desperate scramble for material yet. I think that period
is still to come, which shows you ... that the uranium price still has
somewhere to go." UUU.T down 1.3% to C$4.73 after reporting a 3Q loss of
2c/shr.