Uranium price spikes over Russia supply fears

At the same time, Rosatom has several joint ventures in Kazakhstan, which is responsible for 45% of the world’s primary uranium production. Russian mines produce 8 million pounds of U3O8 per year out of a global total of estimated 117 million pounds in 2021 and the country also adds roughly 15 million pounds to supply through tailings reprocessing.    

Spot uranium prices are up more than 30% so far this year and are now trading at the highest since September 2011, boosting stocks of major explorers and producers. 

The world’s largest listed uranium miners, Canada’s Cameco (TSX:CCO) is up 14% this week while state-owned Kazatomprom (LSE:KAP), has reversed its slide to add 10% in value since Monday.

Denison Mines (TSX:DML) and NexGen Energy (TSX:NXE) are both up by a third in value while Uranium Energy Corp (NYSE MKT:UEC) has surged 62% over the last month. 

Global X Uranium ETF (NYSEArca:URA) has gained 18% over the…