ASX uranium shares are surging today

ASX uranium shares are breaking out today, with some of producers and explorers making multi-year highs. Why is uranium in the hot seat?

Uranium is mainly used as fuel for nuclear power reactors for electricity generation. Nuclear power isn’t exactly a “renewable” source of energy, but it generates near zero emissions. Uranium is expected to play a significant role in the global shift move to lower emissions over the next 30 years.

If you look at the 10-year charts of many ASX uranium shares, it isn’t uncommon for valuations to have declined by more than 90%. This is because the spot price of uranium has tumbled from peaks of US$137/lb in 2007 to lows of US$20/lb, sending many ASX uranium stocks out of business or into hibernation.

There has been recent resurgence in both investor interest in uranium as a green source of energy and an uptick in spot prices […]

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