LONDON (Mineweb.com) --Reports from North America suggest that a uranium auction of some 260,000 pounds of U3O8 (yellowcake) has fetched over $70 a pound for the nuclear fuel metal, thus setting a new spot price. The auction was on behalf of U.S. uranium producer Mestena Uranium with operations in Texas.
"According to RCR’s latest quarterly review of the market, analyst John Wilson states: “Forward indicators suggest the uranium price is heading to US$90/lb by mid 2007, an increase of 37% from the current spot price [of $65 an ounce when the report was written]; and US$115/lb by September 2008, an increase of 75% over the current spot price. These price levels are revised up from our September uranium quarterly which indicated a uranium price of US$60/lb (+ 50%) May 2007 and US$88/lb (+31%) by late 2008. The upward revisions are largely driven by the expected impact to the uranium market of delays at the Cigar Lake project (Cameco) in Canada.”
Output from Khazakstan will be crucial to future supply.
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