Weekly Reports | Aug 11 2020
Presidential nominee Joe Biden has reiterated his objection to President Trump's nuclear energy plan.
–Incremental fall in U3O8 spot price
-Kazatomprom’s staff returning to Kazakhstan uranium mine
-Uranium Producers of America support a Strategic Uranium Reserve
By Mark Woodruff
Presidential nominee Joe Biden used Twitter last week to declare he would create a clean energy economy that will generate “millions of well-paying union jobs ..….without jeopardising the places we hold dear.”
Biden was responding to President Trump’s recent plan to mine uranium around the Grand Canyon. To achieve this, the President would need to lift the current 20-year ban on new mining in the area.
In a further statement he also reiterated condemnation for President Trump’s nuclear energy plan, released in April this year, which outlined the creation of a US$150m uranium reserve in the coming decade.
Last month, according to the Washington Post, Joe Biden unveiled a proposal to transform the nation’s energy industry and significantly reduce the United States’ reliance on fossil fuels and the 15-year timeline for 100% clean electricity standard.
However, unlike some of his Democratic primary opponents, Biden backs nuclear power, according to energyworld.com.
Uranium Pricing
The first week of August was exceptionally quiet as buyers and sellers continue to monitor market developments, industry consultant TradeTech reports.
The consultant's weekly spot price indicator fell -US40c to US$32.30/lb last week on activity totalling less than 500,000/lbs U3O8 equivalent.
The spot price has increased 30% in 2020. The average weekly uranium spot price for 2020 is US$29.48 per pound U3O8, US$3.65 per pound U3O8 above the 2019 average.
TradeTech's term price indicators remain at US$36.50/lb (mid) and US$39.00/lb (long).
Legislative News
TradeTech reports Uranium Producers of America (UPA) President Paul Goranson testified on August 5 before a US Senate Committee on Environment and Public Works (EPW) hearing in support of the American Nuclear Infrastructure Act. The draft legislation aims to help revitalise the domestic uranium industry and reclaim American nuclear leadership globally.
Goranson noted “The UPA strongly supports the draft Act and that section 402 would codify the Nuclear Fuel working Group’s proposal to establish a Strategic Uranium Reserve.” He added, "The US must immediately take bold action to preserve a domestic supply chain for nuclear fuel in the United States”.
Company News
After a four month covid-19-related shutdown, Kazatomprom believes it could safely begin to bring staff back to its uranium mine sites in Kazakhstan, reports TradeTech.
The miner said this week it is mobilising employees and expects to return to normal staffing levels within two to three weeks. On August 3, the company reported production which was -5% lower than output during the same quarter last year.
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