Market Dynamics

• China: ~40 operational nuclear plants, expanding quickly
• 50+ new reactors in construction in China, M/East, Russia, India, Africa & LATAM
• U₃O₈ producers cutting output (Cameco & Kazatomprom)
• During 2018,uranium spot rallied from ~$22 to ~$29 per lb

US Market: ~20% of power from nuclear

• 96 U.S. nuclear reactors consume ~50 mlbs U₃O₈ p.a.
• Small Modular Reactors (SMR): 1^st install mid-2020’s
• US now imports ~93% of its uranium, up from 86% in 2009
• Trump administration cited major concerns regarding impact of uranium imports on national security with respect to domestic mining
• US Nuclear Fuel Working Group set up by Trump to develop recommendations for reviving & expanding domestic nuclear fuel production which accounts for only 9% of US demand
• The working group is due to report back during October 2019

Where does the U.S. get its uranium? (source: U.S. Energy Information Administration (2011)