Uranium miners are back in business: A shift towards nuclear power and the desire to move away from Russian imports has spurred a revival of the US uranium industry after a four decade lull, The Financial Times reports. Global uranium producers are responding to high prices and increased interest in nuclear energy, with about 60 plants currently under construction and 110 more in the pipeline, according to the World Nuclear Association.

Demand is only gonna grow: The World Nuclear Association expects demand to reach 83.84k tonnes by 2030 compared to 65.65k in 2023, and to double to 130k tons by 2040. Uranium producers worldwide, including in the US, Australia, and Canada, are ramping up production as prices soar to 16-year record high of over USD 100 a pound in January. Current prices are still above average at $92 a pound, the FT writes.

REMEMBER- Global attitudes towards nuclear energy are shifting: President of the European Investment Bank (EIB) Nadia Calviño recently decided to shift the bank’s stance on nuclear power, positioning it in favor of the controversial green energy source. However, the EU is still divided, with France leading the charge for nuclear power as a clean energy source while Germany and Austria are pushing for a focus on renewable energy instead.

Tags: