Uranium miners gain in 2024 as nuclear demand soars

Cameco

31/12/2024 18:19

** Shares of uranium companies Uranium Energy  UEC.A ,
Centrus Energy  LEU.A  and Canadian miner Cameco  CCO.TO  up 5%,
20.1%, and 29.1% this year, respectively
    ** Prices of nuclear fuel surged this year on expectations
of a demand spike as the energy transition unfolds
    ** The United States also put a ban on imports from Russia
as part of a package of sanctions on Moscow over its full-scale
invasion of Ukraine
    ** Uranium miners in turn have played catch up to the
physical commodity and outperformed in 2024, contrasting with
last year's trend
    ** As of Nov. 30, uranium was selling for $81.50 per pound
on the long-term market, a major reversal from the 2010s when
the price was below $20 per pound
    ** Sprott analysts see this bull market having further room
to run with no meaningful new supply of uranium on the horizon
for the next three to five years
    ** Canadian miners NexGen Energy  NXE.TO  and Denison Mines
 DML.TO  have gained 1.7% and 5.2% this year, respectively

 (Reporting by Sourasis Bose and Mrinalika Roy in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))