Global uranium output tipped for growth as spot prices tick up – report

Global uranium output tipped for growth as spot prices tick up – report

Credit: Energy Fuels Inc GlobalData expects uranium output to grow at a compound annual growth rate of 6.2% between 2021 to 2025 to 62,200 tonnes. “Global uranium production has been limited in recent years, mainly due to a sluggish market,” says associate project manager Vinneth Bajaj in a news release. “The covid-19 pandemic further impacted this from early 2020,” the analyst says.

Global uranium production fell by 9.2% to 49,700 tonnes in 2020, the lowest level since 2008. The most significant declines were observed in Canada (43.9%) and Kazakhstan (14.6%) – globally, almost 60% of uranium originates from these two countries. In March 2020, Cameco’s Cigar Lake mine, in Canada’s Athabasca Basin of northern Saskatchewan, which accounts for 12% to 13% of global production, was suspended to contain the covid outbreak. The suspension stayed until September 2020 but was later halted again in mid-December because of the increasing risks. It […]

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