Uranium price gains continue as looming supply crunch presents opportunities for producers

Uranium remains on a hot streak in 2024, surging 16% in the first three weeks of the new year to about US$106 per pound. “Uranium was the real star performer in a pretty challenging market for most commodities and asset classes [in 2023],” Sprott Asset Management (TSX:SII) CEO John Ciampaglia told Proactive’s Steve Darling in an exclusive interview .

“Uranium went up about 89% last year and, believe it or not, is up another 16% in the year-to-date,” Ciampaglia said.

Ciampaglia noted that one factor driving the continued momentum in uranium is growing concerns about the ability of the industry to expand production at both existing and new mines, with the world’s largest producing nation Kazakhstan earlier this month announcing that it would be unable to meet its 2024 production target.

“This very tight physical market is putting pressure on the spot price,” he said. Ciampaglia expects the uranium market to remain […]

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