Uranium shortage looms as miners race to supply existing and new reactors

The days of buying US$40 per pound uranium are over — and also probably at US$50 or US$60, Cameco chief financial officer, Grant Isaac, said over the weekend.

“We’re going to need new supplies,” he added, reflecting the market view now held by the operator of the world’s largest uranium mine, Cigar Lake in Canada.

The world is fast coming to the same conclusion. Invest in the latest ASX IPOs and placements

Last week the uranium price rose by 20% over five trading days. On Thursday alone, it was up 4.95% to US$65.5/lb.Japan gradually restoring its vital nuclear sector, which, before the disaster at Fukushima in 2011 supplied 30% of the country’s electricity is another promising sign.Last Friday, Kansai Electric Power restarted its 50 year old, No. 2 reactor at the Takahama plant. Uranium inventory crunch coming At present, uranium inventories held by US and European utilities are at their lowest levels […]

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