The price of uranium has increased slightly following the recent military coup in Niger. Despite the political unrest, mining operations have continued in the country, which is the world’s seventh-largest producer of uranium. However, a consultancy predicts that prices may rise further in the coming weeks.
According to market research firm and consultancy UxC, the spot price of uranium, widely used for nuclear energy and cancer treatment, rose to $56.25 per pound on Monday, up from $56.15 a week earlier.
Although the price has doubled over the past three years, it is still far from its peak of $140 in 2007.
Ben Godwin, head of analysis at London-based Prism Political Risk Management, stated that the current events in Niger, which accounts for 4 percent of the world’s uranium supply, could have significant implications for Europe.
“The coup is currently a topic of great interest, especially considering the tight uranium markets. Demand has been steadily increasing in recent years, and this year alone, the uranium spot price has risen by nearly 40 percent,” he explained.
Despite France’s plans to evacuate its citizens from Niger and reduce aid, French nuclear fuels company Orano, which operates uranium mines in the country, confirmed that its operations are ongoing. Orano stated that 99 percent of its staff in Niger are Nigerien nationals.
Article from www.aljazeera.com