Revival of nuclear power puts uranium in spotlight on the commodity market

With the rising price of oil and natural gas this year and supplies being embargoed from Russia, talk of nuclear power has increased substantially. Today we look at the commodity powering nuclear plants – uranium . Background

Uranium occurs naturally in low concentrations in soil, rock and water, and is commercially extracted from uranium-bearing minerals such as uraninite. Uranium mined from the earth is stored, handled, and sold as uranium oxide concentrate (U3O8), which is known as yellowcake, containing roughly 80 per cent uranium.

Uranium is enriched into U235 concentrations so it can be used as fuel. Enriched uranium between 3 per cent and 5 per cent U235 is referred to as reactor-grade uranium and is used in nuclear power plants, whereas highly enriched uranium (HEU), which contains greater than 20 per cent U235, is used in nuclear weapons, nuclear-powered ships and submarines, and research reactors. Pricing

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