Numlock News: April 27, 2021 • Uranium, Whal…

By Walt Hickey Uranium In the past several weeks, miners and investors have bought up 10.5 million pounds of uranium, a solid chunk of the spot market for the metal which usually moves around 60 million to 80 million pounds of uranium per year. The reason that uranium miners are loading up on the metal they ostensibly haul out of the ground anyway is that it’s generally cheap at this time, and many see the nuclear energy business — the eventual customer for most of the ore — as primed to pop amid a greener-energy push. The market for uranium fell considerably following the Fukushima reactor meltdowns in 2011, but is rebounding now that miners want to have some on hand to fulfill existing orders as they develop new mining projects. A pound of U3O8 goes for $29.20, down from $73 a decade ago.

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