Uranium prices are at their highest point in 12 years

The shift toward green energy and the push to divest from fossil fuels have increased demand for uranium.

Rising demand for uranium has been driven by countries such as China, India and Russia launching more nuclear programs to meet their growing energy needs and balance the need to reduce carbon emissions.

Driven by rising demand, the price of uranium has reached its highest level since the Fukushima nuclear disaster in 2011.

The price of uranium has risen 40 percent since the beginning of the year, reaching $66.25. Gold prices have risen only about 5 percent so far in 2023.

THE PRICE IS EXPECTED TO INCREASE FURTHER

Analysts predict that the uranium price rise will continue and that uranium could reach $80 by the end of the year.

“The market is slowly raising prices as mining costs rise and nuclear generators look to build up reserves to protect against increasingly risky supply-side issues,” a mining analyst at SP Angel told Reuters.

The analyst also said they expect prices to increase year on year for the next 10 to 20 years or until another source of large-scale uninterrupted basic energy with a low carbon footprint is found.

Another energy expert told the Financial Times that uranium could experience supply shortages that could surpass pre-Fukushima levels.