JD400
8 months ago
All these types are Lurching upwards 😃
Uranium stocks rise in latest metal trader craze
Might pick up some $URG types
Uranium price jumps to 15-year high as top miner flags shortfall
Cecilia Jamasmie | January 12, 2024 | 5:53 am Energy Markets Asia Uranium
Uranium jumps to 15-year high as top miner flags shortfall
State-controlled Kazatomprom mines uranium in Kazakhstan both independently and through joint ventures. (Image courtesy of Kazatomprom.)
Uranium prices jumped on Friday to an almost 15-year high after the worldβs largest producer, Kazakhstanβs Kazatomprom (LON: KAP), warned itβs likely to fall short of its output targets over the next two years.
The miner cited shortages of sulfuric acid and construction delays at newly developed deposits as the main factors behind ongoing production challenges, which it said could persist into 2025. A detailed assessment of the potential impacts on output will be released in a trading update by Feb. 1, it added.
βDespite the ongoing active search for alternative sources of sulfuric acid supply, current forecasts indicate that the company may find it difficult to achieve 90% production levels compared to subsoil use contract levels,β Kazatomprom said in the statement.
Sulfuric acid is a favourite among producers to extract uranium from the raw ore due to its low-cost and efficiency for different types of ores.
Kazatomprom noted its guidance for next year could also be affected if supply snags continue throughout 2024 and if it isnβt able to comply with scheduled construction works.
The spot price of the radioactive metal has more-than doubled in 2023 and it is currently trading at $97.45 a pound β still far from the triple-digit figures achieved in 2007 and the fallout after the 2011 Fukushima disaster in Japan.
The price increase comes as 24 nations, including the United States, Japan, Canada, Britain and France pledged last month in Dubai at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP28, to triple nuclear power capacity by 2050.
Uranium jumps to 15-year high as top miner flags shortfall
China, which wasnβt part of that promise, still leads global nuclear plant construction with plans to nearly double capacity to 100 gigawatts by the end of this decade. The Asian country has 22 of 58 plants being built worldwide.
Recent legislation in the US could also affect uranium prices, even sooner than other factors. Seeking to cut its reliance on Russia, which supplies more than one-fifth of its uranium, Congress passed a bill in December that would require the US to source a portion of its nuclear fuel domestically. The bill calls for 20 tonnes of HALEU β high-assay low enriched uranium fuel needed to run most advanced reactors in the country β to come from domestic sources by the end of 2027. It now awaits President Joe Bidenβs signature.
Bank of America and Berenberg Bank said this week in separate research notes that continued tightness in the uranium market could push prices over $100 in coming days.
https://www.mining.com/uranium-jumps-to-15-year-high-as-top-miner-flags-shortfall/
You got it Lurch .....Everybody lovs a good run
YOU RANG ! hehe
kairos
11 months ago
I like provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and manufacturing industries. Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services. This segment also offers ROV tooling, and survey services, such as hydrographic survey and positioning services.
There's an American saying about how during the gold rush the folks who got really rich were the ones who sold shovels and picks :); numbers look good and chart perfectly set up for reversal. And this Israel/Palestine thing; I expect lots of gaps up on Monday; wish I had grabbed more USO and will look to get some OII ... earning coming on the 25th. Thanks for the heads up ...