Uranium Market Update
Niger Grants Orano Uranium Permit To State-Controlled Entity: Niger has granted a uranium mining permit previously held by French nuclear company Orano SA to a state-controlled entity, cementing the military junta’s takeover of the Somaïr mine. The permit, for the Azaoua uranium area, was granted to Tsumco SA, which the African nation created after nationalising Somaïr, minutes from a Nigerien cabinet meeting show. Orano previously held 63% of Somaïr, which operated the mine in partnership with Sopamin, Niger’s state mining company. >>>>> Full story.
Kazatomprom Plans To Conclude Major Uranium Deals With China And Russia: Kazakhstan’s state uranium company Kazatomprom plans to conclude major deals for the supply of natural uranium with entities from China and Russia, according to the company’s notice of the extraordinary general meeting of shareholders. According to the document, Kazatomprom has agreed on a draft spot-term contract for the sale and purchase of natural uranium concentrates with China's State Nuclear Uranium Resource Development Company Limited a subsidiary of State Power Investment Corporation Limited. In addition, Kazatomprom reached an agreement on a major contract for the supply of natural uranium with Russia’s Uranium One Group JSC, a subsidiary of state nuclear corporation Rosatom. Details regarding pricing, volumes, and delivery schedules for both transactions cannot be disclosed due to confidentiality requirements requested by the buyers, Kazatomprom said. Approval of both contracts has been included in the agenda for an extraordinary general meeting of shareholders.
Deep Yellow Signs Crucial Water Agreement For Tumas Uranium Project: Australia-based Deep Yellow has executed a long-term water supply agreement with NamWater for the supply of water to Tumas uranium project in Namibia, securing what the company described as one of the project’s most critical long-term operating requirements. The agreement provides long-term security over water supply and establishes the commercial framework governing water delivery, quality, capacity and long-term service arrangements between NamWater and Deep Yellow. The agreement provides for dedicated water supply capacity over the life of the project, Deep Yellow said. It said: “Tumas is becoming progressively more de-risked and construction-ready. We have real momentum and will continue systematically closing out the remaining workstreams as we build the strongest possible platform for a disciplined investment decision.”
Successful Langer Heinrich Ramp-up Boosts Paladin’s Performance: The successful completion of the operational ramp-up of the Langer Heinrich mine in Namibia has contributed to a significant improvement in independent uranium producer Paladin Energy’s performance for the financial year which ended on 30 June. Paladin, which holds a 75% interest in the mine, reported a 71% year-on-year increase in sales volumes to $304.3m (€261m), driven by higher sales of 4.35 million pounds of uranium octoxide (U3O8) and an average realised price of $70/lb of U3O8. Langer Heinrich’s production increased to 4.82 million pounds of U3O8 for the year, which was at the upper-end of Paladin’s guidance range. The company achieved a gross profit of $52.2m for the financial year, compared with a gross loss of $26.1m in the 2025 financial year. Its net loss substantially decreased to $9.1m from $76.5m in 2025.
Nations Broaden Search As Race For Uranium Heats Up: Countries are broadening their search for uranium with demand expected to outpace supply after 2030 and double by 2040, Channel News Asia (CNA) said in a report. Japan and China are testing seawater extraction, while China and India are developing thorium reactors that would not need uranium. The US, meanwhile, is spending $2.7bn to boost domestic enrichment capacity, CNA said. According to CNA, near-term supply still depends on conventional producers such as Kazakhstan, which provides about 40% of primary uranium. In Australia, which holds the world's largest uranium resources, projects can take up to a decade to develop.
Nations Broaden Search As Race For Uranium Heats Up: Countries are broadening their search for uranium with demand expected to outpace supply after 2030 and double by 2040, Channel News Asia (CNA) said in a report. Japan and China are testing seawater extraction, while China and India are developing thorium reactors that would not need uranium. The US, meanwhile, is spending $2.7bn to boost domestic enrichment capacity, CNA said. According to CNA, near-term supply still depends on conventional producers such as Kazakhstan, which provides about 40% of primary uranium. In Australia, which holds the world's largest uranium resources, projects can take up to a decade to develop.
GAO Warns On Availability Of Low-Enriched Uranium: Estimates from the US Department of Energy and others about low-enriched uranium (LEU) supply and demand are generally well established, but factors such as the ban on LEU imports from Russia could affect availability, the Government Accountability Office (GAO) said in a report. The GAO said demand estimates for high-assay low-enriched uranium (haleu) vary, and estimated supply may not meet near-term demands. The GAO warned that a range of challenges may affect the DOE’s goals to increase domestic enriched uranium production. For example, limitations in domestic fuel cycle infrastructure could challenge the DOE in achieving its goals. In 2025, the DOE entered into an agreement to increase conversion capacity, to address one of the limitations in the domestic fuel cycle.
Uranium Price
Triuranium octoxide (U3O8), the form of uranium that is widely traded, does not trade on an open market like other commodities. Buyers and sellers negotiate contracts privately. The fuel is either sold under a spot market contract, which usually consists of only one delivery, or under a long-term contract, which typically lasts between two and 10 years. Approximately 85% of all uranium is sold on long-term, multi-year contracts. Prices are published by a small number of independent market consultants including TradeTech and UxC.
Uranium prices increased slightly this week, trading at around the $90/lb-$91/lb mark. Trading Economics said uranium is trading at around $90.6/lb. Trading platform XU3O8, whose proprietary price feed aggregates market data from multiple market sources, put the spot price at $90.22/lb on 28 August, up from $89.05/lb one week ago. XU3O8’s feed put the price this week in the range of $90.22/lb to $91.17/lb. Canada-based precious metals investment company Sprott said recently the long-term uranium price remained at $94/lb, its highest level in the current cycle and in 18 years. According to Sprott, competition for supply is intensifying as Western utilities seek to reduce their dependence on Russia while competing with China, Russia and India for limited Kazakh and allied supply. “Long development timelines, operating disruptions and producer discipline constrain the industry’s ability to increase production rapidly,” Sprott said.
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