“Substantial global uranium mine disruptions” due to Covid-19 health and safety precautions provided a “tipping point” for a market that went through years of rebalancing in the wake of depressed prices. The expected supply shortfall led to a price rally.

During 2020, 24% of the uranium delivered was purchased under spot contracts at a weighted-average price of $28.70 per pound. The remaining 76% was purchased under long-term contracts at a weighted-average price of $34.74 per pound (Table 7).

Uranium prices reached an all-time low in 2001, costing US$7/lb. This was followed by a period of gradual rise, followed by a bubble culminating in mid-2007, which caused the price to peak at around US$137/lb. This was the highest price (adjusted for inflation) in 25 years.

Purified uranium metal or uranium oxide is chemically toxic (like lead) but not very radioactive. You can handle it. Don’t eat it.

Fuel Fabrication: Market Price [$ per kg U] The costs for fabrication of fuel from natural uranium, designed for burnups of 43 GWd/t U, are ranging between 200 and 400 $ per kg U (no MOX fuel considered).

With the current price of uranium still relatively low, it’s possible to get good deals while companies are “on sale.” When looking at stocks, beginners may want to start by considering some of the world’s largest uranium-mining companies.

Best Uranium Stocks to Buy

• Cameco is the world’s largest publicly traded uranium company.
• Uranium Energy Corp. is a mining and exploration company based in the U.S. It has projects in Texas, Wyoming, Paraguay, New Mexico, Colorado, Arizona and Canada.
• Ur-Energy is a junior mining company with a lot of room to grow.

URAM-2018 Wraps Up: The Future of Uranium as a Sustainable Source of Energy. According to the International Energy Agency, global energy consumption could see an increase of up to 18% by 2030 and 39% by 2050. “Uranium-based fuel is expected to remain a basic, reliable source for low-carbon nuclear power.

Looking ten years ahead, the market is expected to grow. The reference scenario of the 2019 edition of the World Nuclear Association’s Nuclear Fuel Report shows a 26% increase in uranium demand over 2020-30 (for a 22% increase in reactor capacity – many new cores will be required).

Kazakhstan

Uranium is found in small amounts in most rocks, and even in seawater. Uranium mines operate in many countries, but more than 85% of uranium is produced in six countries: Kazakhstan, Canada, Australia, Namibia, Niger, and Russia.

Uranium mining in the United States produced 173,875 pounds (78.9 tonnes) of U3O8 in 2019, 88% lower than the 2018 production of 1,447,945 pounds (656.8 tonnes) of U3O8 and the lowest US annual production since 1948.