The United States and 20 other countries have announced plans to triple nuclear capacity by 2050.
In June, uranium prices fell below $85 per pound amid easing concerns about supply constraints, the lowest level since 2024, Trading Economics reported.
It was noted that the US Department of Energy approved the allocation of $2.7 billion for investments in the conversion and enrichment of uranium within the country, which will lead to an increase in supplies. It is included in the bill, which would ban the import of uranium from the Russian Federation, which makes up a quarter of the US supply and nearly half of global demand.
Although the bill limited the availability of nuclear fuel in the short term, flexibility and exceptions to the law eased fears of shortages. At the same time, lower uranium production from mines in Canada and Kazakhstan, as well as long-term demand growth forecasts, supported the price increase from the end of 2023. The US and 20 other countries has now announced plans to triple nuclear capacity by 2050. China is leading the way, building 22 of the 58 reactors under construction worldwide.
As you know, in May 2024, US President Joe Biden signed a law banning the import of Russian uranium into the United States. Russia supplies nearly a quarter of the enriched uranium used in more than 90 commercial US reactors, making it the No. 1 foreign supplier, according to the US Department of Energy.
As reported, the Russian state corporation Rosatom unexpected problems from the US ban on Russian uranium imports he sees “loopholes” in the ban and their use by American companies.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.