India, China lift uranium prices
LONDON (Commodity Online): Indian and China’s hunger for nuclear energy has made uranium an attractive investment option for investors now. According to reports in various business papers, uranium is luring investors including hedge funds after prices for the nuclear fuel climbed to the highest level in more than 10 months.
Uranium-oxide concentrate for immediate delivery remained at $48 a pound for a third week. Prices are up 19 percent from this year’s low in March.
Hedge funds also were in the uranium market six years ago. At that time, prices of the radioactive element were starting a surge in which they would jump more than fivefold in the three years through 2006. Uranium almost doubled again in 2007, reaching a record $136 a pound in June of that year.
Price gains sped up after 2004 as governments around the world promoted nuclear energy in a bid to reduce dependence on fossil-fuel imports and curb emissions. Increased Chinese and Indian nuclear-power usage will help to maintain strong fuel demand.
The main difference compared with six years ago is improved supply of uranium. Output more than quadrupled in Kazakhstan, the world’s biggest producer, from 2003 to last year. Production was little changed in 2009 in second-ranking Canada compared with 2003.
Kazatomprom, the state-owned Kazakh nuclear company, aims to raise uranium production by 29 percent to about 18,000 metric tons this year.
Meanwhile, BHP Billiton is eyeing uranium mining. BHP Billiton targets tier-one assets, meaning resource deposits must be large and among the best in the world to be of interest to the company. Some of Saskatchewan’s smaller natural deposits, such as rare earth elements, are likely not in the firm’s range.
BHP Billiton is already involved in the uranium industry through its base metals division. The company’s uranium focus remains on its own properties, such as its Olympic Dam mine and the Yeerlirrie project, both of which are located in Australia.
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