Nuclear Fuel Market: Sprott Prompts Price Surge

Copyright © 2021 Energy Intelligence Group
  • Toronto-listed Sprott Physical Uranium Trust continued to juice the market this week, picking up nearly 2 million pounds of U3O8, which helped lift prices to levels not seen since late 2015.
  • Energy Intelligence's Uranium Price Panel assessed the spot price at an average of $36.75 per pound U3O8, up from $33.45/lb. the previous week.
  • Kazatomprom's Mazhit Sharipov, chief nuclear fuel cycle officer, is stepping in as interim CEO after incumbent Galymzhan Pirmatov stepped down on Sep. 2. Pirmatov guided the company through an initial public offering in 2018 and the Covid-19 pandemic, but says he is pursuing "another opportunity."

The uranium price this week peaked to levels not seen since late 2015 as investors, producers and intermediaries lead a rally that has still so far sparked little interest from utilities. With one US utility buying material for late 2022 delivery, another non-US utility issued a term request for enrichment services.

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