Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars - Bloomberg
Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars - Bloomberg
Energy
Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars
- US miners are emboldened by uranium’s 112% rally last year
- Uranium to be a hot topic at PDAC mining event in Toronto
Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel.
At least five US producers are reviving mines in states including Wyoming, Texas, Arizona and Utah, where production flourished until governments soured on the radioactive element following the 2011 Fukushima nuclear disaster in Japan.
Related Knowledge Center: ENERGY BASICS: nuclear
Nuclear energy provides almost 20 percent of the U.S. electricity supply. Advocates have called for an expanded role for nuclear as an emissions-free fuel source. But the economics of building new reactors are daunting. In addition, lingering safety concerns are an institutionalized part of the calculation of nuclear regulation, and highly radioactive nuclear waste remains a can that public officials have been inclined to kick down the road. The Energy Information Administration projects a sharp decline in nuclear power generation over the next decade, as new nuclear plants — two are planned — are more than offset by anticipated retirements of several operating reactors.