Rising uranium prices fuel Cameco and Denison MinesRising uranium prices fuel Cameco and Denison Mines
5:16 PM, E.T. | November 11, 2014
Uranium has seen a boost in its spot price, translating into stock gains for the producers like Cameco and Denison Mines.
The spot price jumped 5 percent this weekend to $39.25 US per pound of U3O8, climbing to its highest level in 16 months. Most of the price appreciation has been attributed to the restart of two reactors at the Sendai nuclear plant in Japan, will be the first to go online in that country since the Fukushima nuclear disaster in 2011. But David Talbot, Senior Mining Analyst at Dundee Capital Markets, tells BNN there are other factors besides Japan driving the uranium market higher – including the possibility of a supply deficit in the next three years.