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CAPE TOWN (miningweekly.com) – The spot price of uranium was likely to remain steady for the next two years, averaging between $40/lb and $60/lb, TradeTech CE Gene Clark said in a speech at the 2010 Mining Indaba, being held in South Africa's Cape Town.
The uranium spot price enjoyed a strong rally between 2003 and 2007, rising from about $10/lb to more than $130/lb, before retreating to $45/lb in October of 2008, as the global financial meltdown took hold.
During 2009, the uranium price traded sideways, averaging around $46/lb.
However, 2010 held some promise of a modest recovery, as utilities - especially from Asia, where nuclear-energy programmes were on the rise - came back into the market.
The expansion of nuclear power in countries such as Korea and the UAE would also increase demand for uranium and spur investment in uranium companies.
Clark noted that there were currently 437 nuclear power plants operational globally, with 56 under construction and 100 planned for construction.
A further 270 nuclear power plants had been proposed for construction.
For that reason, the price was expected to rise to between $55/lb and $65/lb in the longer term.
