Ukraine has set its sights on ousting Russia from the uranium market and is going to increase its production. This was stated by the country’s Energy Minister German Galushchenko.
“Russia still controls a significant part of the world uranium market. This slows down the issue of imposing sanctions, because many companies have contracts with the Russians for the supply of uranium. But we are working hard to dislodge them from this market, as well as to increase uranium production in Ukraine,” the Ministry of Energy quotes Galushchenko on its Facebook page*.
Uranium production is a component of national security for the country, the minister emphasized. Nezalezhnaya already has a number of agreements with international companies in this area, for example with the Canadian Cameco. Recently, the first batch of Ukrainian uranium mined at the Eastern Mining and Processing Plant was sent to Canada, where it will be used to make nuclear fuel for Ukrainian nuclear power plants, Galushchenko said. And Kyiv received a loan guarantee for £192 million from the British government as part of cooperation with the Urenco company, he noted.
As reported EADaily, at the end of August, uranium prices on the spot market reached a record for the last 12 years. Experts note that the imbalance between supply and demand could increase the price of uranium by more than three times.
According to Canadian Cameco, at the end of August the spot price of uranium reached $59.9 per pound. This is the highest figure in the last 12 years. The energy giant publishes monthly end-of-month average prices from the UxC and TradeTech exchanges.
*Extremist organization, banned in the Russian Federation
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2023-09-16 19:15:00
