SAN FRANCISCO, CA--(Marketwired - January 23, 2017) - In the wake of announced production cutbacks by Kazakhstan's state-owned uranium mining powerhouse, Kazatomprom, the beleaguered uranium market has seen an upswing.
Included in this article is: Energy Fuels Inc. (TSX: EFR) (NYSE MKT: UUUU)
Fission Uranium Corp. (TSX: FCU) (OTCQX: FCUUF)
Uranium markets have been in decline for more than ten years, with prices plummeting from highs approaching $140 per pound in 2007 to lows in 2016 below $20 per pound. The market took a further hit after Japan shut down its nuclear reactors following the Fukushima disaster in 2011, with spot prices losing more than half their value.
But in recent days, significant stock and spot price moves have been noted by industry watchers.
"Uranium surged the most in more than three weeks as Kazakhstan said it will reduce production by 10 percent this year after prices slumped in 2016 amid a global inventory glut," Bloomberg Markets noted in an article published Jan. 10.
The stock of the 2nd largest uranium producer in the U.S., Energy Fuels Inc., has increased ~35% since the beginning of 2017. Uranium explorers like Fission Uranium Corp. with projects in Canada's Athabasca Basin, have also seen upward stock movement in the wake of the Kazatomprom announcement.
Continue reading this interview: Uranium Stocks Gain Big as Kazakhstan Cuts Production
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The Energy Report shares investment ideas for the oil & gas, renewable and alternative energy industries. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
The following companies mentioned in this press release are sponsors of Streetwise Reports: Fission Uranium Corp. and Energy Fuels Inc. Streetwise Reports does not accept stock in exchange for its services. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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