FOCUS-Unloved since Fukushima, uranium is hot again for miners

FOCUS-Unloved since Fukushima, uranium is hot again for miners

Credit: REUTERS/Sonali Paul By Praveen Menon and Sonali Paul

SYDNEY/MELBOURNE, May 20 (Reuters) – Uranium miners are racing to revive projects mothballed after the Fukushima disaster more than a decade ago, spurred by renewed demand for nuclear energy and a leap in yellowcake prices after Russia’s invasion of Ukraine.

Spot prices for uranium have doubled from lows of $28 per pound last year to $64 in April, sparking the rush on projects set aside after a 2011 earthquake and tsunami crippled Japan’s Fukushima nuclear power plant.

"Things are moving very quickly in our industry, and we’re seeing countries and companies turn to nuclear with an appetite that I’m not sure I’ve ever seen in my four decades in this business," Tim Gitzel, CEO of Canada’s Cameco CCO.TO, which mothballed four of its mines after Fukushima, said on a May 5 earnings call .Uranium prices began to rise in mid-2021 as several countries […]

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