Uranium prices rose 4.3% in the past week and gained US$10.50 in January, the biggest month-on-month increase for the nuclear fuel since June 2007, according to Ux Consulting Co.
Uranium-oxide concentrate for immediate delivery traded at US$73 a pound in the week to yesterday, UxC said in an e-mailed report Tuesday, based on the most competitive offer the Roswell, Georgia-based company was aware of. That compares with US$70 on Jan. 25.
Energy Resources of Australia Ltd., the uranium producer controlled by Rio Tinto Group, on Jan. 28 said it halted production at its Ranger processing plant in Australia’s Northern Territory. Higher-than-average rainfall at the mine since October prompted the company to suspend plant processing operations for 12 weeks, it said.
“The recent uptick in price is seen largely driven by Energy Resources’s announcement to suspend operations,” UxC said. “Buyers continue to be a mix of most market players.”
Uranium prices, which reached a high of US$136 a pound in 2007 before falling to about US$40, have surged since mid-2010 as China increased the use of nuclear power to curb emissions from burning coal.
Spot prices may advance to US$75 a pound by the second quarter after China’s imports of the nuclear fuel in December gained 38% over the previous month, Macquarie Group Ltd. said in a Jan. 22 report.
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