After hitting a 12-year low in late 2016 uranium spot market prices have more than tripled from $30 a pound in January 2021 to a recent peak of over $100 a pound, their highest level in 16 years. Although they pulled back to $95 a pound the market is still ripe for additional gains.
A combination of factors contribute to the rise. Energy demand is increasing globally and nations are exploring all possible sources to meet it. Especially after the Nord Stream 2 gas pipeline was sabotaged, nuclear energy is back on the table.
Yet the primary cause behind the recent spike was the world’s largest uranium producer Kazatomprom (OTCMKTS:NATKY) announcing it would not meet production goals for 2024 and 2025.
Uranium miners are springing into action. Dormant mines in states such as Wyoming, Texas, Arizona, and Utah were all recently restarted. With future growth assured, these are the three miners you will want to ride to new heights.
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