BAKU, Azerbaijan, January 15. Global uranium prices have risen sharply amid rising demand and supply disruptions. The cost of a pound of fuel on the New York Mercantile Exchange (COMEX) increased by 2.96 percent and reached a 15-year record of $97.45 per pound, according to data from the site, Trend reports.
One of the reasons for the rise in fuel prices to the maximum since November 2007 is the military coup in Niger, where about five percent of the world's resource reserves are located. The country, which is the seventh largest producer, has limited supplies to Europe.
Kazatomprom warned of a reduction in production due to a shortage of sulfuric acid and delays in the construction of new mines. Price growth is also affected by the risks of increased production, difficulties with the global supply chain and limited access to key materials and reagents.
Demand for nuclear energy in Europe has increased due to the desire of several countries to abandon fossil fuel sources. Until recently, many uranium mines had been mothballed since the 2011 Fukushima nuclear disaster.