Everyone Seems to Want Uranium Right Now
Governments have finally grasped the need for nuclear power. But there just isn’t enough of the key element that’s needed for it.
Preparing to unload uranium.
Photographer: SAMEER AL-DOUMY/AFPA product has just gone up in price by 90% in 12 months. It now costs more than it has in 16 years. Most people would think twice about diving into a market like that.
Not so those who run a nuclear power plant and must have the product in question: uranium. Shutting the plant down will cost you a fortune, says Nick Lawson of advisory firm Ocean Wall. Think $1 million a day. It could also make you extremely unpopular, with one in five households in the US reliant on nuclear energy. Worse, if you do have to do it, you can’t flick a switch to turn it back on once your ore has arrived; restarting means new safety checks and regulatory approvals that can take months if not years.