2012 was the worst year ever for, page-5

URANIUM MARKET COMMENTS
The Ux spot price moved in a narrow range during the quarter from a high of US$42.25/lb U3O8 in April
before softening to $39.65/lb U3O8 in June. The Ux term price rose by US$1/lb to US$57.00/lb U3O8 for the
quarter.
Outlook
The recent weakness in uranium prices is partially attributable to uncertainty surrounding the timetable for
reactor re-starts in Japan where 48 out of 50 operable nuclear power plants have been offline since the
Fukushima events of March 2011.
On July 8 the independent Nuclear Regulation Authority of Japan (NRA) promulgated new safety
reassessment standards to apply to all nuclear power plants in Japan. Four utilities subsequently applied to
re-start 10 idled plants as soon as inspections can be undertaken and national and local government
approvals obtained, which might be as soon as early 2014. The re-start plan for the remaining plants is still
not certain, although the national government has adopted a pro-nuclear policy and is known to support
returning as many plants as possible to service once they comply with the NRA standards.
On May 28 construction formally began on Barakah-2, a 1345MWe Pressurised Water Reactor being built for
Emirates Nuclear Energy Corporation in the United Arab Emirates, which joins its twin, Barakah-1, which
began construction in July 2012. Worldwide, there are now 68 nuclear power plants under construction, six
more than at the time of the Fukushima events.