NEW YORK, NY--(Marketwire - Jan 8, 2013) - The Uranium Industry looks to be on the upswing in 2013 as demand from major energy consumers China and Japan are expected to rise. The Global X Uranium ETF (URA) has rallied over 12 percent in the past month. The Paragon Report examines investing opportunities in the Uranium Industry and provides equity research on Uranium Resources, Inc. (NASDAQ: URRE) and USEC Inc. (NYSE: USU).
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Uranium for immediate delivery could average $55 a pound in 2013, according to the median estimate of five analysts surveyed by Bloomberg news. Prices for the commodity last year declined 14 percent to average $48.72, and in November hit a three-year low. Speculation that uranium demand is on the rebound has been gaining momentum ever since Japan's Liberal Democrat Party regained power. The country's previous government, the Democratic Party of Japan, had plans to phase out nuclear power by 2030.
"The biggest pressure on price at the moment is not necessarily the downgrade to demand since Fukushima, it's this massive inventory overhang," said Morgan Stanley's vice president of research, Joel Crane. "Should the Japanese government give the green light to restarts, that overhang is instantly gone and that will be very positive for prices."
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Uranium Resources explores, develops and mines uranium using modern, safe, in-situ mineral recovery methods without the environmental disruption of conventional mining. The company has recently expanded and extended their joint venture agreement with Cameco. "The amendment of our exploration joint venture into Tecolote is significant for many reasons," stated Terence J. Cryan, Interim President and CEO.
USEC is a leading world supplier of nuclear fuel and advanced technology solutions. The company operates the only U.S.-owned uranium enrichment facility in the United States. Last month, USEC and the Department of Energy amended their cooperative agreement to provide for additional federal funds of $45.7 million through February 23, 2013.
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