Aussie uranium miners climb on revival of US nuclear power plant, demand potential

Boss Energy

24/09/2024 04:13

** ASX-listed uranium miners advance significantly on
reports of U.S.-based Constellation Energy  CEG.O  and Microsoft
 MSFT.O  signing a power deal to revive a unit of a nuclear
power plant     
    ** Constellation to invest $1.6 bln to restart a unit of the
Three Mile Island nuclear plant to supply electricity to
Microsoft's data centers
    ** Shares of Perth-based Boss Energy  BOE.AX , which
forecast uranium output of 850,000 pounds in FY25, climb as much
as 10.3% to extend an 8% gain from previous session 
    ** BOE stock at its highest level since late August
    ** Paladin Energy  PDN.AX  rises as much as 8.3%, adding on
to Monday's 4.7% gains
    ** Deep Yellow  DYL.AX  up 7.5% after advancing over 5% on
Monday
    ** Near-term supply deficit of uranium and insatiable demand
from the AI/tech sector are also factors in the rally in uranium
miners, says Regan Burrows, resources analyst, Bell Potter
Securities  
    ** "Growth potential for uranium remains strong in our
opinion," Burrows adds
    ** BOE, PDN, and DYL top three gainers in the ASX200
benchmark index  .AXJO 


 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))