Demand for Uranium Forecasted to Increase in Near Future

Last month, the director of International Consolidated Uranium, Anthony Milewski, commented that global sentiments on uranium were improving, with nuclear fuel slowly gaining attention once more following a decade in the dark after the Fukushima nuclear disaster.

Radioactive metals plutonium and uranium are usually used in nuclear fuel. Of the two, uranium is the main fuel used by nuclear plants and reactors as its atoms split apart easily. The metal is considered to be a nonrenewable energy source.

Milewski observed that most governments were now willing to talk about nuclear energy, given that most countries across the globe were focused on fighting climate change and controlling the emission of greenhouse gases. In the op-ed, Milewski explained that nuclear energy was among the cleanest energy forms available, especially when compared with carbon emissions, claiming that it not only equaled but also outperformed some sources of renewable energy. He added that nuclear energy was also more reliable in comparison.

In addition to this, he mentioned data from the recent Fuel Report by the World Nuclear Association that predicted a more than 20% growth in the demand for uranium over the next 10 years, with the numbers also showing that there were more than 300 new reactors in the proposal stage, another 100 in the planning stage and more than 50 that are currently being constructed.

However, the price for uranium hasn’t risen yet. The compound, which is referred to as U308, is currently going for about $30 per pound. This is a slight decrease from its 2020 price of $34 per pound. This has resulted in some producers of the compound decreasing their supply to the market, with large producers such as Cameco and Kazatomprom temporarily closing down some of their operations.

UxC, which is a research firm focused on data services, publications, analysis and market research on the international nuclear fuel cycle market, noted that in 2020, the worldwide production of the metal decreased to less than 125 million pounds, which is its lowest quantity in over a decade.

However, demand is forecast to increase; BMO Capital Markets is predicting a more than 30-million-pound uranium deficit in 2021, which makes up nearly 20% of present demand. This is in spite of the announcement made by Cameco earlier in April regarding the resumption of operations at its Cigar Lake mine, following a hiatus that began in December 2020.

Many investors see this as an opportunity to make money on the metal’s stocks, and companies operating in the space, such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), are likely to see increased investor interest.

NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at

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