Prices of spot uranium could more than double within the next decade, the chief executive of Strateco Resources Inc. (RSC.T) said Thursday, due to increased demand from Asia 's developing fleet of nuclear reactors.

"That's really what is driving the price and China is already aggressively buying on the spot market," Guy Hebert told Dow Jones Newswires. "In parallel, we also have India ."

Of the 61 new nuclear reactors being constructed worldwide, 25 are in China , seven in India and six are in South Korea , according to the World Nuclear Association.

Despite most facilities not being scheduled to come online for the best part of a decade, the expected increase in demand is already keeping "the uranium price really firm and sentiment very positive," Hebert said.

Spot prices for uranium are currently at a two-year high of around $61 a pound, however most uranium is supplied under long-term contracts and prices in new deals often reflect a premium above the spot market.

Hebert predicted that spot prices will reach at least $125/lb and could go as high as $150/lb by 2020, when there will be an increasingly tight supply of uranium.

Hebert added that Strateco's projection for a long-term contracted uranium price of $75/lb in 2013 was "right on target."

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