Uranium: Soaring Prices, New Nuclear Era

Faced with limited supply and growing demand, the price of uranium reached its highest level in 17 years, signalling a global revival in nuclear power.

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The uranium market is experiencing a period of intense activity, with prices reaching their highest levels for almost two decades. The rise in uranium prices, with the benchmark U3O8 contract reaching $85.75 per pound, is a remarkable phenomenon that reflects several global dynamics. This increase is mainly due to renewed interest in nuclear power as part of the energy transition, as well as growing concerns about the security of oil and gas supplies, exacerbated by geopolitical tensions, notably Russia’s invasion of Ukraine.

International Response and Nuclear Renewal

The international response to this new uranium market dynamic is varied. Several European countries, including France, Belgium, the UK and Romania, have opted to extend the operation of their existing nuclear power plants. In the United States, the decision to extend the life of the Diablo Canyon reactors in California is another indicator of this trend. At the same time, the boom in new nuclear projects in China, India, Turkey and Egypt testifies to a renewed worldwide interest in this form of energy.

Supply constraints and future implications

Global uranium supply, however, is struggling to meet this growing demand. Kazakhstan, which dominates world production, faces significant logistical challenges, and political tensions in Niger and recent policy decisions, such as theUS embargo on Russian uranium, add to market uncertainty. The involvement of major financial players, such as Canada’s Sprott Group, in the accumulation of uranium reserves also has a significant impact on prices. These developments suggest that, although mining is adapting, the uranium market will remain tight in the short term.
This situation on the uranium market, characterized by high prices and rising demand, underlines the growing importance of nuclear power in the global energy mix. As countries seek alternatives to fossil fuels, uranium is becoming a key player in the energy transition. However, supply-side challenges and the associated geopolitical implications require sustained attention. The evolution of the uranium market will therefore be a crucial barometer for assessing the future of nuclear power in the years to come.

Bahrain has concluded a civil nuclear agreement with the United States and formalised a commitment of $17bn in public investments in the US market, further strengthening bilateral cooperation.
Kairos Power has installed the vessel for its third test prototype in Oak Ridge, aiming to validate manufacturing methods for its future Hermes reactor supported by the US Department of Energy.
London and Prague formalise a strategic partnership to develop the nuclear sector, focusing on small modular reactors and industrial cooperation on supply chains.
Experts have broadly approved France’s Cigéo deep nuclear waste repository project, highlighting technical uncertainties that demand stronger guarantees for long-term safety.
Uzbekistan advances its nuclear project by signing a protocol with Hungary for the supply and local assembly of dry cooling systems, expanding its industrial partnerships in the region.
Polskie Elektrownie Jądrowe is asking the European Commission to review its $49bn investment to build Poland’s first nuclear power plant, a step required under the Euratom Treaty before any construction permit can be issued.
The International Atomic Energy Agency mission completed on July 11 warns that the National Nuclear Safety Administration must hire staff to oversee a fleet of 59 reactors in operation and 32 more under construction.
Energoatom signed strategic agreements with Westinghouse and Holtec at the Ukraine Recovery Conference, aiming to establish nuclear fuel production and small modular reactor capabilities in the country.
Tehran agrees to reopen its nuclear facilities to the IAEA, aiming to resume negotiations with Washington, while Moscow pushes for a “zero enrichment” agreement without getting involved in supervision.
TerraPower has selected three new American suppliers for its advanced Natrium nuclear reactor, confirming progress on the project located in Kemmerer, Wyoming, intended to replace a retiring coal-fired power plant.
Energy Exploration Technologies acquires Daytona Lithium, an Australian subsidiary of Pantera Lithium, for AUD40mn ($27mn), bringing its strategic lithium basin footprint in Smackover, USA to nearly 50,000 acres.
The Canadian Nuclear Safety Commission has identified no major barriers to licensing the ARC-100 reactor, announces ARC Clean Technology.
SE Ignalina, the Lithuanian nuclear operator, has signed a memorandum of understanding with French firm Newcleo to explore the integration of small modular reactors (SMRs) using lead-cooled fast reactor (LFR) technology in Lithuania.
Egyptian President Abdel Fattah al-Sisi oversaw the signing of new agreements for the construction of the El Dabaa nuclear power plant, thus strengthening the strategic cooperation between Egypt and Russia.
Vistra Corp receives green light to extend Perry nuclear plant operations in Ohio by 20 years, securing regional electricity supply until 2046 and ensuring operational continuity for all its nuclear reactors in the United States.
EDF will hold a 12.5% stake in the Sizewell C nuclear project in the UK, a €1.3 billion investment announced during Emmanuel Macron’s official visit to London, confirming the strategic nuclear energy alignment between the two countries.
The French Cigéo project, designed to bury the most hazardous radioactive waste deep underground, obtains a crucial technical validation before its final authorization, expected by the end of 2027.
EDF confirms the continuation of its industrial project in Fessenheim for recycling very low-level radioactive metals, a first in France requiring specific regulatory authorizations, following a public debate concluded last February.
NANO Nuclear Energy Inc. formalizes its collaboration with UrAmerica Ltd. to strengthen Argentina’s uranium supply, aiming to secure future nuclear fuel supply chains for the U.S. market.
American companies SHINE Technologies and Standard Nuclear partner to recycle uranium and plutonium, supplying advanced fuel to the nuclear reactor sector and enhancing the national energy security of the United States.