Analysts Expect Big Moves for Uranium Price

Uranium (Nuclear Minerals) / Exploration, Mining, Marketing, & Acquisitions

Date posted: 02/20/15

The uranium spot price could be in for some big moves this week following major accidents last week at the Rio Tinto Rossing mine in Namibia and the BHP Billiton Olympic Dam in Australia. Rossing and Olympic Dam are two of the biggest uranium mines, and accounted for 8 percent of global uranium supply in 2014. Production stoppages there will thus impact supply. The uranium spot price is currently sitting unchanged from last week at 38.25 dollar per pound of U3O8. Analysts expect the uranium spot price to make a big move, jumping to 40 dollars per pound of U3O8, if not higher. That is good news for uranium stocks, according to Sadowski, as they are likely to be impacted by a move in the uranium spot price.