Uranium miners rise as US Senate approves Russian imports ban bill

Uranium Energy

01/05/2024 16:43

(Updates)
    ** Shares of North American uranium companies rise after US
Senate approves bill to ban Russian uranium import
    ** President Biden is expected to sign the bill into law,
which will ban imports 90 days after enactment while allowing
temporary waivers
    ** U.S. companies Energy Fuels  UUUU.K  and Uranium Energy
 UEC.N  up 7.7% and 5.9%, respectively
    ** U.S.-listed shares of Uranium Royalty  UROY.O  and Cameco
 CCJ.N  each up about 3.7%   
    ** Global X Uranium ETF  URA.P  and Sprott Physical Uranium
Trust  U_u.TO  up 3.2% and 3.7%, respectively 
    ** U.S. nuclear power plants imported around 12% of their
uranium from Russia in 2022
    ** RBC Capital Markets analysts note that due to much
uncertainty around waiver terms the uranium prices would see a
near-term lift
    ** However, the brokerage adds that the US Department of
Energy will likely grant waivers to the majority or all planned
Russian imports through January 2028

 (Reporting by Mrinalika Roy and Sourasis Bose in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com;))