Heading Towards the Uranium Sweet Spot at East Preston

Heading Towards the Uranium Sweet Spot at East Preston

Is this the year uranium is finally gearing up for a bull run?

After the uranium spot price dipped to 12-year lows in 2016 to US$18.75, U308 has slowly been gaining traction over the last five years, having most recently hit the $31.60 mark. This has largely been influenced by the global uranium production dipping to 123 million pounds last year as a result of the COVID-19 pandemic — its lowest levels since 2008 — but hopes are high that 2021 has big things in store for the market.

Case in point, a new report from research firm Global Data estimates that uranium production will increase by 3.1 per cent this year to reach roughly 51,200 tons as production returns at top mines such as the Cigar Lake Mine, which is owned and operated by Cameco, and is located in Saskatchewan’s prolific Athabasca Basin uranium district.

The Athabasca Basin, which hosts 19 […]

About the author: StockMan

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