SINGAPORE (Reuters) - Uranium prices are closing in on $100 a lb — a 10-fold increase in five years — and prices could climb sharply higher yet as more governments embrace atomic energy despite dwindling supplies of yellow cake to power the reactors.
The spot price for uranium jumped $4 to $95 a lb, according to weekly report from UxC, a leading publisher of uranium prices, a big leap from $60 in December and from around $9.50 in late 2002.
Years of under-investment in uranium mining caused by moribund prices and the anti-nuclear lobby has left the world short of the material used to fuel nuclear reactors.
“The environment is primed for a nuclear renaissance. People are focusing so much on supply-side issues that they are forgeting that this is a demand story and the big expansion of new-build programmes hasn’t kicked off yet,” Joel Crane, an analyst at Deutsche Bank in Melbourne, said.
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