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.

Premier American Uranium and Nuclear Fuels have announced a target date of around September 19 to finalise their strategic consolidation, pending final approval from the TSX Venture Exchange.
The General Court of the European Union has rejected Austria’s appeal against the inclusion of gas and nuclear energy in the classification of sustainable investments.
Kazakhstan has signed an agreement with Nukem Technologies Engineering Services GmbH to benefit from German expertise in nuclear decommissioning and radioactive waste management.
The European Court of Justice annulled the European Commission's authorisation of Hungarian state aid for the Paks II nuclear project, questioning compliance with EU public procurement rules.
A Chinese consortium has secured a CNY4.2bn ($594mn) contract for the construction of conventional islands for the Xuwei nuclear project, combining third and fourth generation reactors.
Rosatom and China National Nuclear Corporation signed a memorandum of understanding to strengthen bilateral cooperation in talent development and skills training in the nuclear sector.
Iran has reached a new agreement with the International Atomic Energy Agency to formalise the resumption of inspections, following months of suspension linked to military tensions and criticism of its nuclear programme.
The French Energy Regulatory Commission outlines a structured plan to accelerate the deployment of small modular reactors, focusing on industrial heat and series effects to enhance competitiveness.
US-based Nuclearn has secured $10.5mn to scale its artificial intelligence platform, already deployed in over 65 nuclear reactors, to automate critical operations amid rising energy demand.
The steel dome of the CAP1000 Haiyang 4 reactor has been positioned, a major construction milestone paving the way for upcoming maintenance and technical installation phases.
The Groupement des Industriels Français de l'Énergie Nucléaire and the Belgian Nuclear Forum formalise a partnership aimed at strengthening industrial exchanges and joint projects between the two countries’ nuclear sectors.
The International Atomic Energy Agency warns that little time remains to reach an agreement with Iran on fully resuming inspections, as European sanctions could be reimposed within 30 days.
Slovenia’s JEK2 project moves forward with two nuclear technologies judged technically compatible, estimated between EUR9.31bn ($10.1bn) and EUR15.37bn ($16.66bn).
US-based Oklo will build the country’s first privately funded nuclear fuel recycling centre in Oak Ridge, investing $1.7bn and creating over 800 jobs.
The Tennessee Valley Authority partners with ENTRA1 Energy to develop up to 6 gigawatts of modular nuclear capacity, in an unprecedented project supporting energy growth across seven U.S. states.
A report by the International Atomic Energy Agency puts Iran’s 60% enriched uranium at 440.9 kg before Israeli and U.S. strikes, while the agency’s access to enrichment sites has remained suspended since the operations.
US-based Westinghouse has signed six industrial agreements in the UK to supply critical components for its AP1000 and AP300 nuclear projects in Britain and abroad.
NANO Nuclear Energy receives direct funding from the US Air Force innovation branch to assess the integration of its KRONOS MMRâ„¢ microreactor at the Washington D.C. military base.
EDF extends the operation of Heysham 1 and Hartlepool by one year after favourable safety inspections, ensuring continuity of nuclear production and safeguarding more than 1,000 jobs.
Russian nuclear group Rosatom has confirmed advanced discussions with India and Turkey to launch new power plants, including advanced and floating reactor technologies.

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