President and CEO, Amir Adnani, provided an outlook for the Company in 2018 to their shareholders, on behalf of management and the Board of Directors. He thanked shareholders for their support. He said that he appreciated their confidence in his 2017 accomplishments and strategy moving forward. Last year he noted the uranium market was beginning to turn a corner and, indeed, the developments in 2017 proved to be extraordinary! The highlights included several very positive events that have and will continue to have significant impacts on the uranium market.
The video link below is a good place to start with a recent presentation addressing the latest positive developments in uranium market fundamentals as well as UEC's activities and strategic path going forward: http://www.uraniumenergy.com/news/video/
Recent announcements of major production cuts from the world's largest producers are expected to contribute to a notable decrease in uranium supply in 2018 and beyond. These production cuts will lower expected 2018 global production to below 140 million pounds - a stark contrast to the 188 million pounds of projected use. Inventory and other secondary market sources will mitigate this gap over the near term, but those supplies are finite and in the process of being drawn down. Furthermore, while recent production cuts will go a long way toward rebalancing the market, we continue to expect additional cuts in global output, absent a material and sustainable price increase.
The need for highly reliable, base-load, emission-free energy remains a key driver for nuclear power and uranium demand, not only in the U.S., but across the globe. There are currently more operable reactors (447), and more reactors planned, proposed and under construction (566), than there were in March 2011, pre- Fukushima.China and India continue to provide the largest growth in clean-air nuclear energy, with 26 reactors under construction and another 247 now planned and proposed as they attempt to combat severe air quality conditions. Operational reactors, new builds and planned reactors demonstrate a robust commitment to nuclear power, indicating steady growth in global uranium demand for decades to come.
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