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Uranium outlook remains strong

An Australian firm that tracks uranium trends worldwide expects a period characterized by relatively stable uranium spot market prices. But it’s likely to be a brief interlude.

Resource Capital Research of Sydney says forward indicators suggest the price will range between $90 and $100 per pound for several months, then accelerate to $125 by September 2008.
Despite a recent decline in price, market fundamentals remain strong, the report said. Planned and proposed nuclear power reactors worldwide increased from 222 in January to 316 in October, or 42 percent.

“China has announced 116 planned and proposed new nuclear power reactors, up from 63 in Jan. ‘07 (an increase of 84 percent), and the USA is up from 23 in Jan.’07 to 32 units (up 39 percent),” according to the report.

Robert Gregory, uranium specialist for the Wyoming State Geological Survey, said interest in the state remains strong. Operators have reported a shortage of drilling rigs.

Casper Star Tribune

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