VANCOUVER — The CEOs of three North American uranium juniors took to the stage during an open panel session at the Vancouver Resource Investment Conference in January to discuss the broader uranium market and argue why it is due to heat up.
“The last two weeks we’ve seen the biggest shakedown in the commodity sector ever seen in the past decade, and it really showed what any commodity is made of,” Amir Adnani, CEO and president of Corpus Christi, Texas-based Uranium Energy
(NYSE-MKT: UEC) said to the crowd.
“Yet uranium didn’t go down … it’s been on an upward trajectory over the past 15 months.”
Adnani noted that uranium prices were hit hard in 2011 when the Japanese government shut down all 52 of the country’s reactors after the Fukushima nuclear disaster, which drove spot prices down to US$28 per lb of U3
Since then, producers have steadily worked through a supply surplus, slashing projects and making the supply side “so tight that if you buy 1 million lb. uranium, you can move the market up US$5 per lb.”
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