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$28.50/lb U3O8

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 Overview of Uranium Price, Supply, and Demand

 

    

 

 

Current Price:

 

U308 $28.50/lb* (Effective: July 28, 2014 market price is unchanged +/-$0.00 from last weeks survey): 

 

 

Click to see Uranium Futures => Uranium Futures - CME

 

Uranium/Nuclear focused ETFs: Click to see Global X Uranium ETF (URA) => Uranium ETF

 

Other uranium related ETF style investment vehicles (focused on nuclear energy but are not limited to uranium mining and are not direct competition for URA): Market Vectors Nuclear Energy (NLR), and Barclays iShares Global Nuclear Energy (NUCL)

 

Although we often reference the spot price of uranium, the long-term price is what really counts as only a small fraction of the metal is actually traded on spot prices; over six times more uranium is traded in long-term market prices than in the spot market price. The long term market price is consistently and significantly higher than spot.

 

Long term price support comes from international competition for the commodity as a result of escalating nuclear programs in nations such as India and China. According to the World Nuclear Association there are official plans in the works worldwide (as of Q3 2013) for 546 new reactors (either under construction, planned, or proposed).

 

On the uranium supply side,  global shortfall from the historic norm is expected in time as the Russian 'Megatons to Megawatts' program cames to an end at the end of 2013. This agreement allowed for Russian nuclear weapons highly enriched uranium (HEU) to be converted to useable fuel for over 20 years. This represents ~24 million lbs of uranium coming off the market annually (representing ~20% of current annual global commercial demand). 

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We track active uranium mining interests worldwide & provide insight into uranium resource companies that offer outstanding properties, management and experience in the mining / exploration industry.

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Integra Gold Corp.  (TSX-V: ICG) (US: ICGQF) (Frankfurt: K1IA) adding high-grade ounces along Cadillac Trend & advancing toward production

     

 

ICG.V presents opportunity for astute investors;

 

ICG.V appears poised for sizeable share price appreciation as current market cap (~$35M) appears disproportionate relative to its intrinsic value and PEA production metrics.

 

Established intrinsic value:

  • Current resource at Integra's Lamaque Project is 756,280 ounces Gold Indicated (3,325,300 Tonnes @ 7.1 g/t) and 293,710 ounces Gold Inferred (851,400 Tonnes @ 10.8 g/t). This will increase considerably near-term -- see value drivers.

  • Integra is funded to meet current program goals and obligations; ~C$4.5 million cash in bank (as of April 2014).

  • ~C$10 million additional intrinsic value via >C$30 million loss carry forward asset accrued from efforts to date.

Value drivers:

  • Updated resource estimate expected in Q3; current resource was based off ~105,000 m of drilling, however ICG.V has completed over 55,000 m more (>50% more) that has not yet been incorporated into a new resource.

  • Continued quality intercepts; Integra currently has 5 drill rigs on Lamaque. ~35 drill hole assay results (out of 58) still forthcoming from Triangle Zone -- very high-grade to date; e.g. (April 22, 2014) 38.2 g/t Gold over 7 m including 241.0 g/t Gold over 1 meter, & (March 25, 2014) 23.02 g/t Gold over 5 m & 31.24 g/t Gold over 3 m.

  • Feasibility will build on PEA production metrics; PEA shows >110,000 oz Gold production per annum at all-in sustaining cost of CAD$805/oz and peak annual production of 143,300 Gold oz -- large enough to pique the interest of larger miners. Economics of project work even at US$1,000 gold.

  • Highly prospective for new high-grade discovery.

  • Experienced management & skilled technical leadership.

  • Located in infrastructure-rich Val-d'Or, mining-friendly Quebec, with several feed-hungry gold mills with excess capacity within 15 km.

Recommended reading: Mining Journal opinion on Integra Gold click here

 

Uranium News and Opinion:

 

 

 

 

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Demand Side: Governments worldwide struggle for solutions to control green house gas emissions and produce affordable energy; nuclear power is the cleanest, least expensive and most secure source of electricity. There are currently (as of Q3 2013) 432 operational nuclear reactors world wide and that number is expected to grow significantly within the next decade.

May 12 Eureka ov

  • There are over 430 commercial nuclear power reactors operable in 31 countries, with over 370,000 MWe of total capacity. About 70 more reactors are under construction.
  • They provide over 11% of the world's electricity as continuous, reliable base-load power, without carbon dioxide emissions.
  • 56 countries operate a total of about 240 research reactors and a further 180 nuclear reactors power some 150 ships and submarines.

Nuclear technology uses the energy released by splitting the atoms of certain elements. It was first developed in the 1940s, and during the Second World War research initially focussed on producing bombs by splitting the atoms of particular isotopes of either uranium or plutonium.

In the 1950s attention turned to the peaceful purposes of nuclear fission, notably for power generation. Today, the world produces as much electricity from nuclear energy as it did from all sources combined in 1960. Civil nuclear power can now boast over 15,500 reactor years of experience and supplies almost 11.5% of global electricity needs, from reactors in 31 countries. In fact, through regional grids, many more than those countries use nuclear-generated power.

Many countries have also built research reactors to provide a source of neutron beams for scientific research and the production of medical and industrial isotopes.

Today, only eight countries are known to have a nuclear weapons capability. By contrast, 56 operate about 240 civil research reactors, over one thrid of these in developing countries. Now 31 countries host over 430 commercial nuclear power reactors with a total installed capacity of over 370,000 MWe (see linked table for up to date figures). This is more than three times the total generating capacity of France or Germany from all sources. About 70 further nuclear power reactors are under construction, equivalent to 20% of existing capacity, while over 160 are firmly planned, equivalent to half of present capacity.

Sixteen countries depend on nuclear power for at least a quarter of their electricity. France gets around three quarters of its power from nuclear energy, while Belgium, Czech Republic, Hungary, Slovakia, Sweden, Switzerland, Slovenia and Ukraine get one third or more. South Korea, Bulgaria and Finland normally get more than 30% of their power from nuclear energy, while in the USA, UK, Spain and Russia almost one fifth is from nuclear. Japan is used to relying on nuclear power for more than one quarter of its electricity and is expected to return to that level. Among countries which do not host nuclear power plants, Italy and Denmark get almost 10% of their power from nuclear.

In electricity demand, the need for low-cost continuous, reliable supply can be distinguished from peak demand occurring over few hours daily and able to command higher prices. Supply needs to match demand instantly and reliably over time. There are number of characteristics of nuclear power which make it particularly valuable apart from its actual generation cost per unit MWh or kWh. Fuel is a low proportion of power cost, giving power price stability, its fuel is on site (not depending on continuous delivery), it is dispatchable on demand, it has fairly quick ramp-up, it contributes to clean air and low-CO2 objectives, it gives good voltage support for grid stability. These attributes are mostly not monetised in merchant markets, but have great value which is increasingly recognised where dependence on intermittent sources has grown.

 

 

Historical Values (in USD) - month end close price:

  • Jul 14 $28.50

  • Jun 14 $28.25

  • May 14 $28.25

  • Apr 14 $30.75

  • Mar 14 $34.00

  • Feb 14 $35.50

  • Jan 14 $35.50

  • Dec 13 $34.50

  • Nov 13 $36.35

  • Oct 13 $34.75

  • Sep 13 $35.00

  • Aug 13 $35.00

  • July 13 $34.50

  • June 13 $39.65

  • May 13 $40.50

  • Apr 13 $42.50

  • Mar 13 $42.25

  • Feb 13 $42.00

  • Jan 13 $44.00

  • Dec 12 $43.50

  • Nov 12 $42.00

  • Oct 12 $42.50

  • Sep 12 $46.50

  • Aug 12 $48.50

  • July 12 $49.25

  • June 12 $51.00

  • May 12 $52.00

  • Apr 12 $51.75

  • Mar 12 $51.00

  • Feb 12 $52.00

  • Jan 12 $52.00

  • Dec 11 $51.75

  • Nov 11 $51.75

  • Oct 11 $52.00

  • Sep 11 $52.50

  • Aug 11 $49.00

  • Jul 11 $51.75

  • Jun 11 $54.25

  • May 11 $57.50

  • Apr 11 $55.50

  • Mar 11 $62.50

  • Feb 11 $69.75

  • Jan 11 $72.00

  • Dec 10 $62.50

  • Nov 10 $61.00

  • Oct 10 $52.00

  • Sep 10 $46.50

  • Aug 10 $45.00

  • Jul 10 $43.50

  • Jun 10 $41.75

  • May 10 $40.75

  • Apr 10 $41.75

  • Mar 10 $42.00

  • Feb 10 $41.75

  • Jan 10 $42.50

  • Dec 09 $45.00

  • Nov 09 $45.50

  • Oct 09 $49.50

  • Sep 09 $42.50

  • Aug 09 $47.00

  • Jul 09 $47.00

  • Jun 09 $52.00

  • May 09 $50.00

  • Apr 09 $42.00

  • Mar 09 $42.00

  • Feb 09 $45.00

  • Jan 09 $50.00

  • Dec 08 $53.00

  • Nov 08 $55.00

  • Oct 08 $45.00

  • Sep 08 $55.55

  • Aug 08 $64.50

  • July 08 $64.50

  • June 08 $59.00

  • May 08 $60.00

  • Apr 08 $65.00

  • Mar 08 $71.00

  • Feb 08 $73.00

  • Jan 08 $78.00

  • Dec 07 $90.00

  • Nov 07 $93.00

  • Oct 07 $84.00

  • Sep 07 $85.00

  • Aug 07 $90.00

  • Jul 07 $120.00

  • Jun 07 $138.00

  • May 07 $133.00

  • Apr 07 $113.00

  • Mar 07 $95.00

  • Feb 07 $85.00

  • Jan 07 $75.00

  • Dec 06 $72.00

  • Nov 06 $63.00

  • Oct 06 $60.00

  • Sep 06 $54.00

  • Aug 06 $48.50

  • Jul 06 $47.25

  • Jun 06 $45.50

  • May 06 $43.00

  • Apr 06 $41.50

  • Mar 06 $40.50

  • Feb 06 $38.25

  • Jan 06 $37.50

  • Dec 05 $36.25

  • Nov 05 $34.50

  • Oct 05 $33.00

  • Sep 05 $31.00

  • Aug 05 $30.20

  • July 05 $29.50

  • Jun 05 $29.00

  • May 05 $29.00

  • Apr 05 $24.00

  • Mar 05 $22.50

  • Feb 05 $21.80

  • Jan. 05 $21.00

  • Dec. 04 $20.70

  • Nov. 04 $20.50

  • Oct. 04 $19.90

  • Aug. 04 $19.25

  • Jan 04 $15.50

  • Jan 03 $10.30

  • Jan 02 $9.60

* Considerations in determining spot price of Uranium: Data from recently completed transactions, data from pending transactions, firm bids to buy or borrow, firm offers to sell or lend, prices purchasers have expressed a willingness to pay but for which we are not aware of firm bids to buy, and prices sellers have expressed a willingness to accept but for which we are not aware of firm offers to sell. (Considerations not used in determining spot price: prices associated with deliveries under old or renegotiated contracts, or other than arm's-length transactions, charges for transportation other than that customarily provided by suppliers, and  prices of services or materials delivered under long-term contracts with primary suppliers).

 

Sponsor Links: MTO, ABI, SLTA, YLL, YALE

 

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