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Gold/Mining/Energy : Nuclear Power
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From: bull_dozer9/21/2021 9:26:10 AM
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Sprott’s aggressive uranium buying will not corner market, chief says

The Canadian asset manager has amassed more than 10m lb of uranium in the ensuing months. It plans to buy even more after increasing the firepower of the trust, which trades on the Toronto stock exchange, from an initial $300m to $1.3bn.

Yet Sprott’s stockpiling has raised concerns that the trust may come to dominate the physical uranium market. Such a scenario could in turn draw regulatory scrutiny in the US and Europe because of the strategic importance of uranium to the military and to electricity generation.

Added to uranium acquired from a predecessor fund, Sprott now holds more than 28m lb of uranium — enough metal to power France’s nuclear industry for a year. France is one of the nations most reliant on nuclear energy, with over 70 per cent of electricity coming from the sector.

..

Ciampaglia believes that the run-up in uranium prices should be welcomed by the nuclear power industry. “It’s in the best interests of utilities?.?.?.?for this to happen. If the price doesn’t reset to a level that incentivises miners to pull uranium out of the ground, how are they going to have security of supply in five or ten years from now?” he said.

The uranium market has been moribund since the 2011 Fukushima nuclear disaster, which disrupted demand projections for the fuel as Japan and other countries including Germany closed operations or cancelled new projects.

ft.com
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