Uranium has surged this year because of increasing demand for the fuel used in nuclear power plants. The price is up 57 percent this year, according to TradeTech, more than any of the industrial metals traded on the London Metal Exchange, such as nickel, and more than any of the precious metals, including gold.
Uranium may more than double to $250 a pound next year as demand for the nuclear fuel outpaces production, Neal Froneman, chief executive officer of Toronto-based SXR Uranium One Inc. said in a May 11 interview. The radioactive metal already has risen 19 percent to a record $113 a pound, based on an April 9 U.S. auction.
Energy Metals Chairman William Sheriff and Chief Executive Officer Paul Matysek weren't immediately available to comment.
Source:bloomberg
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