Marc Howe reported that as the New South Wales government in Australia encourages uranium exploration, analysts point out that the long-term outlook for prices remains rosy despite the post-Fukushima plunge of a few years ago. With the Australian government taking steps to expand domestic uranium mining, questions have arisen not just over the safety and environmental impact, but also its long-term economic viability in the wake of a bottoming out of global prices since the Fukushima disaster. Industry experts believe that while uranium prices may remain tepid in the short-term,
Howe suggests that they are set to flourish by the end of the decade, and that surge is expected to last as demand for the radioactive fuel rises in emerging giants such as China and India. While the contract prices shift in response to changes in spot prices, it is these long-term contracts that have enabled uranium miners to remain profitable despite the precipitous drop in spot prices following the Fukushima disaster. NSW resources and energy minister Anthony Roberts recently gave six companies the opportunity to apply for uranium exploitation licenses, in a move which could soon bring the state closer to its first uranium mine.
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